Toyota Motor Corporation confirmed that it has raised its offer price to purchase all outstanding shares in Toyota Industries Corporation, as it looks to take its manufacturing subsidiary private. Toyota Industries produces the Toyota RAV4 SUV, forklift trucks, and a wide range of automotive components including engines, air conditioning compressors, and batteries, as well as stamping dies.

Japan’s largest automaker and its affiliates have now agreed to pay JPY 20,600 per share for all the shares in Toyota Industries that they do not own, an almost 10% increase on its previous below-market offer of JPY 18,800, with this latest offer set to expire on 16 March.

The sweetened offer meets the asking price of key financial investor Elliott Investment Management, bringing to an end the long stand-off between the shareholders and easing the way for the company to be taken private. The new offer values the company at JPY 6.7 trillion (US$ 43 billion). Elliott, which is understood to have a 7.1% stake in the company, has indicated that it will accept the terms of the new buy-out offer, calling it “an improved outcome for minority shareholders and one that will help unwind cross-shareholdings within the Toyota Group.”