Overview
- Elliott said it will not tender its shares into Toyota Fudosan’s revised offer and urged other investors to decline.
- The activist’s analysis pegs intrinsic net asset value at more than ¥26,000 per share as of Jan. 16, roughly 40% above the bid.
- Elliott outlined a standalone plan focused on unwinding cross-shareholdings, governance improvements and capital allocation changes, targeting ¥40,000 per share by 2028.
- Toyota Industries’ shares have traded above the offer price, last seen around ¥19,450 on Monday morning in Tokyo.
- The bid has drawn criticism over valuation and minority protections, even as Toyota Industries’ board recommended tendering and the offer window proceeds.