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Elliott Fund Urges Rejection of Toyota Privatization Bid

1/19/2026

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Summary

Story summary

Elliott Investment Management (activist fund) opposes Toyota Industries Corp. privatization and urges minority shareholders to reject bid.
It says Toyota Industries Corp. has an intrinsic value of ¥26,000 per share, well above Toyota's ¥18,800 offer.
The fund argues the company could exceed ¥40,000 per share by 2028 with governance reforms and operational improvements.
The buyout tender runs from January 15 to February 12, while some investors seek more deal transparency.

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Story summary

Elliott Investment Management (activist fund) opposes Toyota Industries Corp. privatization and urges minority shareholders to reject bid.
It says Toyota Industries Corp. has an intrinsic value of ¥26,000 per share, well above Toyota's ¥18,800 offer.
The fund argues the company could exceed ¥40,000 per share by 2028 with governance reforms and operational improvements.
The buyout tender runs from January 15 to February 12, while some investors seek more deal transparency.