Economy & Markets
2 min read
Elliott Management Rejects Toyota Group Bid, Advocates for Standalone Value
Bloomberg.com
January 19, 2026•3 days ago
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Elliott Investment Management has publicly opposed the Toyota Group's bid to privatize Toyota Industries Corp. The activist fund argues the company's intrinsic net asset value per share significantly exceeds the group's sweetened offer. Elliott is urging minority shareholders to reject the bid, proposing that Toyota Industries could achieve greater value as a standalone entity.
Elliott Investment Management opposed the proposed privatization of Toyota Industries Corp., urging other minority shareholders to resist the bid and arguing it could achieve greater value on its own.
The company has an intrinsic net asset value of ¥26,000 per share, the US activist fund said in a letterBloomberg Terminal published Monday. That’s much higher than the Toyota group’s sweetened offer of ¥18,800 apiece, which valued the company at ¥6.1 trillion ($39 billion) though failed to stifle debate over Toyota Industries’ valuation.
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