Elliott does not intend to tender its shares into the Extended TOB at the current terms
Elliott strongly encourages other shareholders not to tender and to withdraw any shares already tendered
Elliott Investment Management L.P. and Elliott Advisors (UK) Limited (“Elliott”), which advise funds that together have a significant investment in Toyota Industries Corporation (“Toyota Industries” or the “Company”) and are the Company’s largest independent shareholder, today issued the following statement:
Elliott notes today’s extension by an affiliate of Toyota Fudosan Co., Ltd. (“Toyota Fudosan”) of its tender offer at ¥18,800 per share (the “Extended TOB”). According to Toyota Fudosan, only 33.1% of outstanding shares have tendered into the transaction before today’s deadline, which equates to fewer than 1 in 5 independent minority shareholders.* This demonstrates an overwhelming rejection of the offer by minority shareholders, confirming the consensus view that the Extended TOB is at a price that very significantly undervalues Toyota Industries and remains undermined by material process failures. It is evident that most independent shareholders of Toyota Industries disagree with the Company’s assertion that the offer price “reflects the intrinsic value of the Target Company”.
Elliott does not intend to tender its shares into the Extended TOB at the current terms and strongly encourages other shareholders not to tender. Elliott also encourages any shareholders who tendered since the offer was launched to withdraw tendered shares as soon as possible.
Toyota Fudosan still has an opportunity to engage in good-faith discussions with independent minority shareholders to address the inadequacies of the Extended TOB.
Elliott’s previously released public materials can be found at https://elliottletters.com.
* Excluding the Toyota group companies, cross-shareholders and other shareholders who had already publicly announced their intention to tender into the transaction and are assumed to have tendered.
About Elliott
Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $79.8 billion of assets as of December 31, 2025. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.
Investor Contacts:
Okapi Partners LLCNew York: Pat McHughT:+1 212 297 0720Toll Free: (877) 629-6357London: Christian JacquesT: +44 20 3031 6613TICO@okapipartners.com
Media Contacts:
London
Stijn van de GrampelElliott Advisors (UK) LimitedT: +44 20 3009 1061svdgrampel@elliottadvisors.co.uk
New York
Stephen SpruiellElliott Investment Management L.P.T: +1 (212) 478-2017sspruiell@elliottmgmt.com
Tokyo
Brett WallbuttonAshton ConsultingT: +81 (0) 3 5425-7220b.wallbutton@ashton.jp
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SOURCE Elliott Investment Management L.P.
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