Overview
- Elliott said the proposed buyout very significantly undervalues Toyota Industries and reflects a process that lacked transparency and proper governance.
- The fund confirmed it has been engaging with Toyota Industries’ management and board regarding the transaction.
- Regulatory filings show Elliott held 3.26% of Toyota Industries as of September 30, making it one of the company’s largest shareholders.
- Toyota group entities announced in June a plan to take Toyota Industries private via a holding company backed by Toyota Motor, Toyota Fudosan and Akio Toyoda.
- A Toyota Industries spokesperson did not immediately respond to requests for comment on Elliott’s statement.