Toyota group firm extends Toyota Industries tender offer to boost buyout's chances

TOKYO, Feb 12 (Reuters) - A group company of Toyota Motor 7203.T said on Thursday that the tender offer period for its buyout of forklift maker Toyota Industries 6201.T will be extended until March 2 to increase the chances of the bid succeeding.

The deadline was extended from February 12 to give shareholders a fresh opportunity to decide whether to tender, Toyota Asset Preparatory, which is the entity through which the bid is being made, said in a filing.

Shares of Toyota Industries rose after the disclosure, briefly rising as high as 20,000 yen, up from around 19,400 yen before. The stock was last up 1.0% at 19,865 yen.

The planned buyout of Toyota Industries, which holds 9% of Toyota Motor and has stakes in a number of other group firms, would strengthen the Toyoda founding family's grip on the automotive conglomerate.

However, the deal has run into staunch and high-profile opposition from U.S. activist investor Elliott Investment Management and others, becoming a test case of governance for Japan's most storied company and for Japan Inc more broadly.