Toyota Lockup Stock Draws Critics Who See Bid to Tame Owners
A visitor takes a photograph of a Toyota Motor Corp. Tundra truck on display at the company's Mega Web showroom in Tokyo, Japan, on Tuesday, May 5, 2015.
Photographer: Akio Kon/BloombergThis article is for subscribers only.
Hiroki Sampei has a long list of things he doesn’t like about Toyota Motor Corp.’s new class of equity.
Japan’s largest company is about to seek approval to offer as much as 500 billion yen ($4 billion) of convertible equity, which has debt-like characteristics and can’t be sold for five years. As part of the proposal, it would buy back an equal amount of common shares, which it says is to avoid dilution.