TOKYO (Reuters) -Shares of Japanese forklift operator Toyota Industries ( TYIDF ) fell more than 12% on Wednesday, after a $33 billion take-private offer its parent, Toyota Motor ( TM ), fell short of investor expectations.

Toyota Motor ( TM ) will take Toyota Industries ( TYIDF ) private in a complex 4.7 trillion yen ($33 billion) deal, offering 16,300 yen a share for Toyota Industries ( TYIDF ). The offer price was well below the closing price of 18,400 yen on Tuesday, before the deal was announced.

Shares of Toyota Industries ( TYIDF ) were down 12.3% in morning trade in Tokyo at 16,135 yen.

Media reports had indicated the tender offer would be around $42 billion, which would represent a substantial premium to the actual offer.