The case focuses on Toyota's decision to issue Model AA shares in a public offering. The model AA shares would not be traded on a stock exchange and could not be transferred without board approval. Five years after issuance, Model AA Class shareholders could convert their shares into an equal number of common shares or require the company to purchase the Model AA shares for cash at the original issuance price. However, these hybrid shares met with many objections from the ISS Proxy Advisory Services
Notes
Originally Published InSinha, S. (2018). Toyota Model AA Class Shares. F&A0538. Ahmedabad, India: Indian Institute of Management, Ahmedabad
