Markets16h ago·38 sources
Elliott Accepts Revised Bid for Toyota Industries That Values It at Almost $40 Billion
Elliott Investment Management is publicly opposing Toyota Motor's attempt to take Toyota Industries private, arguing the revised ¥18,800 per share offer undervalues the forklift maker by almost 40%. Elliott, now the largest minority shareholder with over 5% stake, calculates Toyota Industries' intrinsic net asset value at ¥26,134 per share and proposes a standalone plan that could potentially double the valuation to over ¥40,000 by 2028. The activist investor criticizes the deal structure, citing governance deficiencies and potential harm to Japan's corporate governance reforms. The market appears to agree with Elliott's skepticism, as Toyota Industries shares are trading above the tender offer price. The take-private is led by Toyota Fudosan Co., with Toyota Motor and other group affiliates participating. The tender deadline is February 12, 2026.