Toyota Fudosan's tender offer drastically undervalues the Company
Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender
LONDON, Feb. 3, 2026 -- 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 the non-binding statement issued today by an affiliate of Toyota Fudosan Co., Ltd. ("Toyota Fudosan"). Elliott maintains its position that the revised tender offer by Toyota Fudosan at ¥18,800 per share (the "Revised TOB") very significantly undervalues Toyota Industries, as Elliott demonstrates in its public materials. Elliott continues to strongly disagree with Toyota Fudosan's assertion that the Revised TOB price "reflects the intrinsic value of the Target Company".
Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender.
Elliott's previously released public materials can be found at https://elliottletters.com.
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $76.1 billion of assets as of June 30, 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.
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Stijn van de Grampel
Elliott Advisors (UK) Limited
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Stephen Spruiell
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Brett Wallbutton
Ashton Consulting
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