Elliott Management Statement on Toyota Industries Corporation

London, February 2, 2026 – Elliott Investment Management L.P. And Elliott Advisors (UK) Limited, the largest independent shareholder of Toyota Industries Corporation, have publicly stated their opposition to a revised tender offer from Toyota Fudosan Co., Ltd. Elliott asserts the offer of ¥18,800 per share significantly undervalues the company.

Disagreement Over Valuation

Elliott maintains that the revised tender offer, termed the “Revised TOB,” does not reflect the true intrinsic value of Toyota Industries. The firm’s position is detailed in publicly available materials, accessible through their website. Toyota Fudosan, however, has asserted that the Revised TOB does reflect the company’s value – a claim Elliott strongly disputes.

No Intent to Tender

Elliott has declared it will not tender its shares at the current offer price and is actively encouraging other shareholders to do the same. This signals a potential challenge to Toyota Fudosan’s attempt to gain control of Toyota Industries.

Did You Know? Elliott Investment Management L.P. Has managed approximately $76.1 billion in assets as of June 30, 2025 and was founded in 1977.

Implications and Potential Next Steps

The rejection of the tender offer by a major shareholder like Elliott could lead to several outcomes. Toyota Fudosan could choose to increase its offer price to appease shareholders. Alternatively, they may proceed with the acquisition at the current price, potentially leading to a contested ownership situation. It is also possible that negotiations between Elliott and Toyota Fudosan could resume, seeking a mutually agreeable valuation.

Expert Insight: A public rejection of a tender offer by a significant shareholder often indicates a belief that the target company has substantial untapped potential, or that the offer fails to adequately compensate investors for future growth prospects. This situation could escalate into a proxy battle or other forms of shareholder activism.

Elliott’s investor base is diverse, including pension plans, sovereign wealth funds, and high net worth individuals. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.

Frequently Asked Questions

What is a tender offer?

A tender offer is a public invitation by a company or individual to shareholders of another company to sell their shares at a specified price during a specified time.

Who is Elliott Investment Management?

Elliott Investment Management L.P. Is a firm managing approximately $76.1 billion in assets as of June 30, 2025, and is the largest independent shareholder in Toyota Industries Corporation.

What is Toyota Fudosan’s role in this situation?

Toyota Fudosan Co., Ltd. Has made a revised tender offer to acquire shares of Toyota Industries Corporation at ¥18,800 per share, which Elliott believes significantly undervalues the company.

How might this situation impact other shareholders of Toyota Industries?