Elliott Management has increased its stake in Toyota Industries Corp. in order to block the automotive manufacturer’s bid to take the company private.

The activist manager raised its stake by approximately 7%, according to a Bloomberg report.

Elliott argues that Toyota Fudosan’s revised tender offer of ¥18,800 per share undervalues Toyota Industries, the company wrote in a prepared statement.

Toyota Fudosan is the dedicated real estate arm of Toyota Group.

On Jan. 27, the company noted that "if transactions as egregious as this can be forced through, there will be ramifications on company valuations in Japanese public markets more broadly."

"If METI, TSE or other Japanese governance guidelines are so easily flouted or otherwise used to artificially justify an unfair price, their effectiveness could be reduced or it would encourage similarly artificial compliance with such guidelines by other corporates. This will have a chilling effect across the entire market."

Elliott does not intend to tender its shares into the revised tender offer at the current terms. The firm encourages other shareholders not to tender.

Elliott Investment Management manages approximately $76 billion in assets as of June 30, 2025. The firm's investors include pension plans, sovereign wealth funds, endowments, foundations, fund-of-funds, high-net-worth individuals and families and employees of the firm.

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