---
title: "Activist investor Elliott takes a stake to target Toyota, introducing new variables into the Toyota Industries acquisition case"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/265341180.md"
description: "Toyota's acquisition plan for Toyota Industries is facing obstacles as activist investor Elliott Investment Management has purchased a significant number of shares, believing the deal undervalues Toyota Industries. Elliott has communicated with the management of Toyota Industries, stating that it is one of the largest shareholders, holding nearly 5% of the shares. Toyota holds approximately 25% of Toyota Industries' shares and continues to push for the privatization deal. Elliott is demanding more disclosure of transaction details, with the offer price set at 16,300 yen per share"
datetime: "2025-11-11T12:23:16.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265341180.md)
  - [en](https://longbridge.com/en/news/265341180.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265341180.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/265341180.md) | [繁體中文](https://longbridge.com/zh-HK/news/265341180.md)


# Activist investor Elliott takes a stake to target Toyota, introducing new variables into the Toyota Industries acquisition case

According to the Zhitong Finance APP, Toyota Motor (TM.US) is facing more obstacles in its acquisition plan for its subsidiary Toyota Industries. Previously, activist investor Elliott Investment Management announced that it had purchased a significant stake in the forklift manufacturer.

Elliott stated in a press release that the proposed transaction undervalues Toyota Industries, lacks transparency, and does not meet good corporate governance standards. Other global investors are also calling for further disclosure of relevant transaction details. If the deal is completed, it will enhance the Toyota family's influence within the group.

This transaction is under close scrutiny as it coincides with Japanese regulators and the government pushing to improve corporate governance standards. In June of this year, Toyota Motor, along with its real estate subsidiary Toyota Real Estate and Toyota Chairman Akio Toyoda, jointly announced plans to privatize Toyota Industries. Toyota Industries is also a core supplier for the Japanese automaker.

Elliott stated that it has communicated its views with the management and board of Toyota Industries and claims to be one of the largest shareholders of Toyota Industries, but did not disclose the specific shareholding ratio.

Toyota Industries revealed earlier on Tuesday in a document that as of September 30, Elliott held 3.26% of its shares. Reports indicate that Elliott's stake is now close to 5%.

**Continuing to Advance the Privatization and Delisting Transaction**

As of the end of September, Toyota Motor held approximately 25% of Toyota Industries' shares, while Toyota Real Estate held 5.42%. Both companies stated that they would not comment on negotiations with other companies or shareholders.

Both companies emphasized that they would continue to advance the transaction related to the delisting of Toyota Industries' stock while considering all stakeholders' interests.

Toyota Industries stated that it has maintained ongoing and constructive dialogue with shareholders in a sincere and respectful manner and will continue to uphold this communication model.

It is reported that Toyota Motor and its co-acquirers have offered a price of 16,300 yen per share for Toyota Industries, which represents a premium of about 23% compared to the stock price before the transaction news was announced in April, but a discount of 11% compared to the closing price on the day of the official announcement in June.

Before Elliott released its statement on Tuesday, Toyota Industries' stock closed at 17,250 yen, indicating that investors expect Toyota Motor and its co-acquirers may raise their offer. However, Toyota Motor CEO Koji Sato stated at the end of October that the company has no plans to increase its acquisition offer for Toyota Industries.

**Elliott's Active Actions in Japan and South Korea**

This year, Elliott has also pressured Kansai Electric Power in Japan, stating that the power company could become a more attractive long-term investment target by selling non-core assets, improving profitability, and enhancing shareholder returns.

Sources revealed that Elliott currently holds 4% to 5% of Kansai Electric Power.

Elliott has also been very active in the South Korean market in the past, engaging in high-profile activist battles with Samsung Electronics and Hyundai Motor

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- [Toyota Motor Corp. Sponsored ADR (N6FD.SG)](https://longbridge.com/en/quote/N6FD.SG.md)

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