Elliott Opposes Revised Offer for Toyota Industries
By Kosaku Narioka
Elliott Investment Management has opposed a revised tender offer for Toyota Industries, saying the deal still substantially undervalues the Japanese forklift maker.
The U.S. activist investor said Thursday that Toyota Industries owned businesses and assets that it believed together were worth more than 25,000 yen, equivalent to $157.77, a share.
On Wednesday, a real-estate arm of the Toyota group of companies said it was raising the tender offer price for Toyota Industries to Y18,800 apiece from Y16,300 originally. The new offer valued the company at about $35 billion.
Elliott said it didn't intend to tender its shares under the current terms and would be encouraging other shareholders not to support the transaction. Elliott said in December that it had built a stake of 5.0% in Toyota Industries.
The real-estate arm, Toyota Fudosan, is privately held by Toyota group companies, with Toyota Motor's chairman, Akio Toyoda, also serving as its chairman.
The forklift-maker's shares closed 6.2% higher at Y19,150 on Thursday before Elliott's announcement.
Toyota Industries, from which Toyota Motor was spun off in 1937, produces forklifts, cars, engines, other auto parts and textile machinery. It was founded by Sakichi Toyoda, Akio Toyoda's great-grandfather.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
January 15, 2026 04:09 ET (09:09 GMT)
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