By Fabiana Negrin Ochoa
Elliott has confirmed a "significant investment" in Toyota Industries, making the disclosure in a statement that also said a privatization proposal received by the Japanese company underestimates its value.
The activist investor said Tuesday said it has been sharing its views about the tender offer--made by Toyota Fudosan--with the management of Toyota Industries, as well as its board and other constituents.
Toyota Fudosan, a real-estate arm of the Toyota group, said in June that it would set up an entity aimed at acquiring shares of forklift-maker Toyota Industries for 16,300 yen, equivalent to about $114.22 apiece at the time.
The U.S. firm said in a press release that it believes the offer "very significantly undervalues" Toyota Industries and that the process has lacked transparency.
Shares of the manufacturer of forklifts and other machines fell after the news of the offer in June, but have been trending up since. The stock last closed at Y17,250, leaving year-to-date gains at over 34%.
According to Toyota Industries' half-year financial report, Elliott International LP had a 3.26% stake in the company as of end-September.
In a statement last month, Toyota Industries said it expected Toyota Fudosan to complete regulatory clearance in mid-January or later, paving the way for the offer to start in or after February.
The Toyota Industries report showed that at a board meeting in June, a resolution was adopted stating that the company's current position was that it would express support for the offer if it commences, leaving the decision as to whether to tender shares at the discretion of shareholders.
Toyota Industries couldn't be reached for comment.
According to the activist investors' statement, Elliott Investment Management LP and Elliott Advisors (UK) Ltd. advise funds that together have a significant ownership stake in Toyota Industries, making Elliott one of its largest shareholders.
Elliott Investment had about $76.1 billion of assets under management as of end-June. Elliott Advisors (UK) is an affiliate.
Write to Fabiana Negrin Ochoa fabiana.negrinochoa@wsj.com
(END) Dow Jones Newswires
November 11, 2025 04:53 ET (09:53 GMT)
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