Toyota raises offer to win Elliott support

Anabelle Colaco
05 Mar 2026, 02:08 GMT+10

Elliott Investment Management has agreed to tender its shares in forklift maker Toyota Industries after Toyota raised its take-private offer to 20,600 yen (US$132) per share
This values the deal at about $30 billion and bringing a months-long pricing dispute to a close
In a statement on March 2, Elliott said it would accept the revised terms, describing the higher price as an “improved outcome” for minority shareholders

TOKYO, Japan: Elliott Investment Management has agreed to tender its shares in forklift maker Toyota Industries after Toyota raised its take-private offer to 20,600 yen (US$132) per share, valuing the deal at about $30 billion and bringing a months-long pricing dispute to a close.

In a statement on March 2, Elliott said it would accept the revised terms, describing the higher price as an "improved outcome" for minority shareholders.

Toyota had initially offered 16,300 yen per share for Toyota Industries, also known as TICO, drawing criticism from minority investors who argued the bid undervalued the company. The automaker later increased the offer to 18,800 yen, but Elliott and other shareholders rejected that proposal as insufficient. The tender offer had been scheduled to close on March 2.

The latest offer, worth 4.7 trillion yen ($30 billion), is contingent on Toyota securing loan guarantees from its banks, the company said.

Toyota disclosed in a regulatory filing that Elliott, which had pressed the group to improve its bid, agreed to tender its shares under certain conditions.

With Elliott's backing, the acceptance of the increased offer is expected to end the standoff between the activist fund and the Japanese automaking group.

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