Elliott Stands a Chance at Foiling Controversial Toyota Deal (1)

At first glance, Elliott Investment Management appears to have an insurmountable disadvantage in its campaign to block the business group behind Toyota Motor Corp. from buying out a key unit in one of Japan’s largest take-private deals of all time.

After all, the group already owns about 48% of Toyota Industries Corp., and holds deep ties with many of the buyout target’s top minority shareholders. Meanwhile, the US activist fund only has a 6.7% stake — a far cry from what’s needed to scuttle what it describes as a lowball offer before the tender period closes on Feb. 12. ...