Jan 12 2026

Toyota Motor raised its offer price for acquiring Toyota Industries — a key group firm that makes forklifts and engines — by about 15%, valuing the buyout at roughly ¥18,800 per share (~$118). The move followed criticism from activist investor Elliott Investment Management, which said the previous bid undervalued Toyota Industries’ assets and business prospects.

Elliott has indicated it will encourage shareholders not to tender their shares under the improved terms, arguing intrinsic value remains higher — a stance supported by the recent rise in Toyota Industries’ share price. Toyota said it will continue discussions with investors and position its revised tender as fair amid broader governance reforms in Japan.