Toyo Tire Corporation bought back 30,822,200 of its own shares, worth ¥111.02bn, in a single off-auction trade on the Tokyo Stock Exchange's ToSTNeT-3 system on August 10, 2026. The purchase, equal to 20.01% of shares outstanding excluding treasury stock, executed the maximum the board had authorized three days earlier: a cap of 32,000,000 shares (20.78% of the stock) and up to ¥156.8bn.
The seller on the other side of the trade was Mitsubishi Corporation, which tendered its entire holding, all but six of its 30,822,206 shares, into the buyback. Those six shares fell below one full trading unit and so could not be sold through the same mechanism. The transaction cut Mitsubishi's voting stake from 308,222 units, 20.07% of the total and enough to rank it Toyo Tire's top shareholder, to zero. Mitsubishi ceased to be a major shareholder, the leading major shareholder, or an affiliated company of Toyo Tire as of the same day. The buyback carried out an August 7 decision to unwind the two companies' capital and business alliance.
| Metric | Board cap (Aug. 7) | Completed buyback (Aug. 10) |
|---|---|---|
| Shares | Up to 32,000,000 | 30,822,200 |
| Share of stock outstanding, ex-treasury | 20.78% | 20.01% |
| Value | Up to ¥156.8bn | ¥111.02bn |
Toyo Tire's board also confirmed a separate step: cancellation of 30,672,200 shares, a batch slightly smaller than the number just repurchased, scheduled for September 30, 2026 under Article 178 of the Companies Act. The company's own filing, in the related notice on the shareholder change, said the transaction would have no effect on its consolidated results.
The mechanics matter here as much as the size. ToSTNeT-3 is an off-auction facility, not the open market, so the trade did not run through the regular order book. That is the standard route for a company buying back a large, concentrated block from a single known holder rather than accumulating shares gradually from dispersed investors. The gap between the 30,822,200 shares bought and the 30,672,200 shares slated for cancellation is not explained in the disclosures reviewed here.