Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender
LONDON, Jan. 27, 2026 /PRNewswire/ — Elliott Investment Management L.P. and Elliott Advisors (UK) Limited ("Elliott"), which advise funds that together have a significant ownership stake in Toyota Industries Corporation ("Toyota Industries" or the "Company"), today released an investor presentation titled "Elliott’s Perspectives on Toyota Industries."
In the presentation, Elliott, the largest independent shareholder of Toyota Industries, outlined its opposition to the revised tender offer by Toyota Fudosan Co., Ltd. at ¥18,800 per share (the "Revised TOB"), which Elliott believes very significantly undervalues Toyota Industries. Elliott’s analysis showed the Company’s intrinsic net asset value to be more than ¥26,000 per share as of January 16, 2026 – almost 40% above the Revised TOB price.
Elliott’s presentation also outlined the Standalone Plan for Toyota Industries, which offers a far more compelling option for shareholders than the Revised TOB. The Standalone Plan – including full cross-shareholding unwind and operational improvements – offers a clear path to an intrinsic net asset value of more than ¥40,000 per share by 2028, representing more than 120% upside to the Revised TOB price.
The presentation described the significant deficiencies in the transaction governance process and noted that if the Revised TOB succeeds, it would represent a setback for Japan’s corporate governance reforms and dampen investor interest in the Japanese market.
Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender.
The presentation can be viewed at https://elliottletters.com.
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $76.1 billion of assets as of June 30, 2025. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.
Investor Contacts:
Okapi Partners LLC New York: Pat McHugh T:+1 212 297 0720 Toll Free: (877) 629-6357 London: Christian Jacques T: +44 20 3031 6613 TICO@okapipartners.com
Media Contacts:
London Stijn van de Grampel Elliott Advisors (UK) Limited T: +44 20 3009 1061 svdgrampel@elliottadvisors.co.uk
New York Stephen Spruiell Elliott Investment Management L.P. T: +1 (212) 478-2017 sspruiell@elliottmgmt.com
Tokyo Brett Wallbutton Ashton Consulting T: +81 (0) 3 5425-7220 b.wallbutton@ashton.jp
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