Elliott raises concerns over Toyota industries buyout
Activist investor Elliott Investment Management has taken a significant stake in Toyota Industries and criticized the planned privatisation by the Toyota group as undervaluing the company and lacking transparency.
The Florida-based fund said it had been in discussions with Toyota Industries’ management and board, highlighting governance concerns over the process. Elliott described itself as one of the company’s largest shareholders, holding 3.26% of shares as of September 30, News.Az reports, citing Reuters.
In June, the Toyota group announced plans to take Toyota Industries private via a holding company supported by Toyota Motor, Toyota Fudosan, and Chairman Akio Toyoda. Elliott argued that the deal undervalues the forklift maker and called for a more transparent process.
A spokesperson for Toyota Industries did not immediately respond to requests for comment.
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