Toyota Motor Increases Toyota Industries Bid to Five Trillion Yen as Elliott Management Rejects New Terms
Toyota Motor increased its acquisition offer for Toyota Industries to 18,800 yen per share, but Elliott Management rejected the new terms as undervalued.
Insights:
Toyota Motor Corporation , Chairman Akio Toyoda akio toyoda, and Toyota Fudosan announced a revised offer for Toyota Industries Corporation at 18,800 yen per share on Wednesday, January 15, 2026. This improved bid represents a 15% increase from the initial offer of 16,300 yen per share, bringing the total valuation of the transaction to approximately 5.6 trillion yen, or $35 billion. The adjustment follows widespread criticism from global investors who previously characterized the original valuation as opaque.
The revised terms have faced an immediate public rejection from Elliott Investment Management, an activist investor based in the US 
USthat disclosed a stake in Toyota Industries Corporationin November and raised its holding to 5% last month. Elliott stated that based on its empirical work, it believes the company is worth more than 25,000 yen per share. The investment firm announced it will not tender its shares under the improved terms and will actively encourage other shareholders to follow suit, creating material uncertainty regarding the successful execution of the deal.
USthat disclosed a stake in Toyota Industries Corporationin November and raised its holding to 5% last month. Elliott stated that based on its empirical work, it believes the company is worth more than 25,000 yen per share. The investment firm announced it will not tender its shares under the improved terms and will actively encourage other shareholders to follow suit, creating material uncertainty regarding the successful execution of the deal.
