Bite-sized Finance and FinTech news from Japan
Today: Elliott Investment Management and Elliott Advisors (UK), which advise funds that together have a significant ownership stake in Toyota Industries Corporation, have published an open letter to the Company's shareholders; in the letter, Elliott outlined its opposition to the revised tender offer by Toyota Fudosan at ¥18,800 per share, which Elliott believes very significantly undervalues Toyota Industries; Elliott's analysis showed the Company's intrinsic net asset value to be more than ¥26,000 per share as of January 16, 2026 – almost 40% above the Revised TOB price – and that the Standalone Plan for Toyota Industries offers a clear path to a valuation of more than ¥40,000 per share by 2028
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