Elliott Brings Heft to Effort for Higher Toyota Industries Price

Elliott Investment Management joined the campaign against the Toyota group’s proposal to privatize Toyota Industries Corp. for ¥4.7 trillion ($30.5 billion), saying the offer is too low and setting the stage for a showdown over the takeover deal.

If the buying entity — a real estate company led by Toyota Motor Corp. Chairman Akio Toyoda — refuses to budge, that could validate long-held concerns among investors that Japan still lacks safeguards for minority shareholders.

Akio Toyoda

Photographer: Bridget Bennett/Bloomberg

Ever since the deal was unveiled in June, a growing chorus of investors — mainly smaller funds banding together — have criticized the planned tender ...