Published by Global Banking & Finance Review®
Posted on January 28, 2026
2 min readLast updated: January 28, 2026
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Elliott Investment considers a tender offer for Toyota Industries, criticizing Toyota's current bid and increasing its stake.
TOKYO, Jan 28 (Reuters) - Activist investor Elliott Investment Management is considering a tender offer for Toyota Industries, the Nikkei business daily reported on Wednesday, in what could further complicate an effort by the Toyota group to take the forklift maker private.
Elliott has criticised the auto group's bid for Toyota Industries, at 18,800 yen ($123.21) a share, as too low, calling on shareholders not to tender into the revised offer price.
The take-private plan, first proposed last June at 16,300 yen per share, has come under fire from investors criticising what they argued was an opaque valuation methodology and a process that failed to protect minority shareholder interests.
Pressure on the world's largest automaker increased after Elliott, one of the world's most prominent activist hedge funds, disclosed its stake in November. Its stake stood at 6.65% as of the latest filing last week.
Citing an unnamed source, the Nikkei reported that Elliott's stake had risen further since then, and that it was exploring a rival bid to prevent shareholders of Toyota Industries from tendering their shares.
($1 = 152.5800 yen)
(Reporting by Satoshi Sugiyama and Anton BridgeEditing by Chang-Ran Kim)
A tender offer is a public proposal to purchase some or all of shareholders' shares at a specified price, often at a premium over the current market price.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, focusing on the interests of stakeholders.
Equity represents ownership in a company, typically in the form of stocks or shares, giving shareholders a claim on the company's assets and earnings.
Financial markets are platforms where buyers and sellers engage in the trade of assets such as stocks, bonds, currencies, and derivatives.
Valuation is the process of determining the current worth of an asset or a company, often using various methods such as discounted cash flow or market comparisons.
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