Elliott Targets ¥26,000+ in Blocking ¥18,800 Toyota Industries Tender (TOA 3.2B Stake)

Elliott Investment Management, with a ¥5.5 billion stake in Japan (about $3.2 billion in Toyota Industries alone), is seeking to block Akio Toyoda’s ¥18,800 per-share tender for Toyota Industries Corp., extending the March 2 deadline. Elliott, which holds over 7% and values the company at ¥26,000–¥40,000 per share, has publicly opposed the price, citing a ¥6.4 trillion market cap and ¥2.5 trillion in voting shares. The firm’s ¥42 billion stake in Japan includes SoftBank, Toshiba, and Tokyo Gas, with a ¥3 billion holding in Toyota Industries. The clash tests Elliott’s ability to influence Japanese corporate governance and signals broader shifts in activist activity in Asia. Toyota Industries and its lead bidder argue the offer reflects intrinsic value; Elliott counters with a higher valuation and has supported higher dividends and asset sales at other Tokyo companies. Elliott’s Asia team, led by Aaron Tai, has expanded since 2023, leveraging local expertise to challenge major Japanese holdings.