Elliott Opposes Toyota Fudosan's Revised Tender Offer for Toyota Industries Corporation
prnewswire01-19
Elliott, the largest independent shareholder of Toyota Industries, believes the revised tender offer very significantly undervalues the Company and does not intend to tender its shares
LONDON, Jan. 19, 2026 /PRNewswire/ -- Elliott Investment Management L.P. and Elliott Advisors (UK) Limited ("Elliott"), which advise funds that together have a significant ownership stake in Toyota Industries Corporation ("Toyota Industries" or the "Company"), today published an open letter to the Company's shareholders.
Appendix 1: Original TOB Terms Significantly Undervalued Toyota Industries at Announcement (June 3, 2025) Source: Bloomberg, Company Materials
Appendix 2: Revised TOB Terms Continue to Very Significantly Undervalue Toyota Industries (January 16, 2026) Source: Bloomberg, Company Materials
Appendix 3: Change in NAV per share between Pre-Announcement of Original TOB (June 3, 2025) and January 16, 2026 Source: Bloomberg, Company Materials
Appendix 4: The Revised TOB Price is Expected to be Below 1x PBR on FY3/26 Q3 Book Value Source: Bloomberg, Company Materials Notes: (1) Assumes Bloomberg consensus FY3/26 Q3 net profit; (2) FX impact is estimated based on the historical relationship between FX driven movements in the JPY book value (as disclosed in the statement of comprehensive income) vs. the FX rate movement in the quarter to December 31, 2025.
Appendix 5: Implied Valuation of the Operating Business of Toyota Industries Source: Bloomberg, Company Materials Notes: (1) Assumes cross-shareholding unwind at current market value (as of January 16, 2026); (2) Assumes the deemed dividend tax structure is enabled for qualifying cross-shareholdings through issuer buyback unwinds; (3) EBITDA after lease expenses.
Appendix 6: Current Minimum Acceptance Condition Does Not Satisfy True Majority-of-Minority Threshold Source: Company Materials Notes: (1) Share count as of September 30, 2025; (2) Total of Mr. Akio Toyoda, Toyota Fudosan, Aisin Corporation, Denso Corporation and Toyota Tsusho Corporation.
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