Elliott Investment Management has been building a significant stake in Toyota Industries and has told the Toyota group company that its proposed privatization price is too low, people familiar with the matter said.
Toyota Industries disclosed in a filing on Tuesday that Elliott had a 3.26% stake as of Sept. 30, making it one of the manufacturer’s biggest shareholders. That has since increased to almost 5%, the people said, asking not to be identified because the information is confidential.
Elliott has shared its views with Toyota Industries management that the ¥16,300 per share buyout offer is too low and suggested other options for the deal, the people said.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.