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Elliott Management Statement on Toyota Industries Corporation
Elliott criticizes the offer price as undervaluing Toyota Industries and urges shareholders to withdraw tendered shares ahead of the extended deadline.
- On Feb 13, 2026, Elliott Investment Management L.P. said it will not tender its Toyota Industries shares into the Extended TOB at current terms and urged shareholders to withdraw their shares.
- As the largest independent shareholder, Elliott argues the Extended TOB at 18,800 is inadequate and urges Toyota Fudosan to engage in good-faith discussions, citing Elliott's public materials.
- By two and a half hours before the deadline, 33.1% of shares had been tendered, below the 42.01% minority shareholders need excluding Toyota Motor's 24.66% stake.
- After the extension, Toyota Industries Corporation shares jumped and traded near a record high, while Elliott Investment Management L.P. said Toyota Fudosan Co., Ltd. can still engage in good-faith talks.
- Elliott Investment Management L.P., which manages $79.8 billion, has been the most vocal opponent of the Toyota consortium's bid, arguing it harms minority shareholders.
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Toyota pushes back deadline for $35B privatization bid
On the Dash: Toyota extended its $35 billion bid to privatize Toyota Industries after falling 9 percentage points short of the required approval threshold. Activist investor Elliott Management continues to oppose the offer, arguing it undervalues the company. The delay intensifies pressure on Toyota to raise its bid as shares trade above the offer price. Toyota Group has extended the tender deadline for its bid to privatize Toyota Industries Co…
Coverage Details
Total News Sources26
Leaning Left3Leaning Right3Center8Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 22%
C 57%
R 21%
Factuality
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