TOKYO, March 23 (Reuters) - Toyota's ( TM ) tender offer to take supplier Toyota Industries ( TYIDF ) private at a price of 20,600 yen per share was set to close on Monday, with the results expected at or after 3:30 p.m. (0630 GMT) on Tuesday.

Earlier this month, Toyota ( TM ) bumped its offer price for the forklift maker from 18,800 yen per share, valuing the deal at about $30 billion and ending a months-long standoff with activist fund Elliott Investment Management.

The offer period was set to expire at 3:30 p.m. Tokyo time on Monday.  

Toyota ( TM ) originally offered 16,300 yen per share last year before lifting the bid twice, with the final offer price representing a 26% premium to its initial proposal.

Elliott, which had rejected earlier offers as too low, agreed to tender its shares after Toyota ( TM ) raised its bid to 20,600 yen, calling the price an "improved outcome" for minority shareholders.

The deal has been closely watched as a test of Japan's corporate governance reforms and scrutiny of cross-shareholdings within major business groups.

For the bid to be successful, 42.01% of shareholders classified as minority owners need to accept the offer. That excludes Toyota Motor's ( TM ) 24.66% stake.