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Activist Elliott Accepts Revised $40 Billion Bid for Toyota Industries Take-Private

Story Thread|Global M&A Activity Surges Across Diverse Sectors

Araverus Team|Monday, March 2, 2026 at 10:21 AM

Activist Elliott Accepts Revised $40 Billion Bid for Toyota Industries Take-Private

Araverus Team

Mar 2, 2026 · 10:21 AM

Activist Investor · Corporate Governance · Take-Private · Valuation

Activist Investor Corporate Governance Take-Private Valuation

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.

Thread Timeline: Global M&A Activity Surges Across Diverse Sectors

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Read More On

Elliott Accepts Revised Bid for Toyota Industries That Values It at Almost $40 Billionwsj.com

Elliott Takes Toyota Industries Stake Amid Privatization Debate - Bloomberg.combloomberg.com

Elliott Raises Toyota Industries Stake in Push to Block Buyout - Bloomberg.combloomberg.com

Elliott Agrees to Higher Price for Toyota Industries Buyout - Bloomberg.combloomberg.com

Elliott weighs tender offer for Toyota Industries, Nikkei reports By Reuters - Investing.cominvesting.com

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