Elliott Opposes Toyota Group Bid, Proposes Standalone Plan (1)

Elliott Investment Management opposed the proposed privatization of Toyota Industries Corp., urging other minority shareholders to resist the bid and arguing it could achieve greater value on its own.

The company has an intrinsic net asset value of ¥26,000 per share, the US activist fund said in a letter published Monday. That’s much higher than the Toyota group’s sweetened offer of ¥18,800 apiece, which valued the company at ¥6.1 trillion ($39 billion) though failed to stifle debate over Toyota Industries’ valuation.

As Elliott escalates its campaign to push Japan’s largest business group for a better offer, the standoff puts ...