Elliott Investment Management has been approaching asset managers and other institutional investors in Japan to build support for its campaign and push Toyota group to sweeten its ¥4.7 trillion ($30 billion) bid to take a key affiliate private, according to people familiar with the matter.
Billionaire Paul Singer’s activist fund, which has quickly built a 5% stake in Toyota Industries Corp., has been meeting with passive investors and other domestic shareholders, and telling them the proposal doesn’t reflect the company’s true value, said the people, who asked not be identified as they were not authorized to speak publicly. ...
