Elliott Intensifies Standoff Over Toyota Industries Buyout (1)

Elliott Investment Management said it continues to oppose the Toyota group’s proposal to buy out Toyota Industries Corp. at a ¥6.1 trillion ($39 billion) valuation, keeping up pressure on one of Japan’s most influential business groups after it refused to raise a tender offer.

The US activist investor, which held a 6.7% stake in Toyota Industries as of Jan. 15, said it maintains its position that the ¥18,800 per share revised tender offer “very significantly undervalues” the company.

Elliott is ramping up its opposition as it looks to undermine what could be one of the largest buyout deals on record. ...