Activist investor Elliott Investment Management has again urged shareholders to reject a takeover bid for Toyota Industries, as the company’s shares surged to a record high.

Elliott Investment Management has rejected the Toyota group’s revised bid to privatize a key unit, urging other shareholders to oppose the offer and press for a higher price.

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.

An affiliate of Elliott Investment Management has raised its bid for PDV Holding, the Venezuela-owned parent of U.S. refiner Citgo Petroleum, to $8.82 billion, according to a court filing on the ongoing Delaware-led auction.

BP reported a significant decline in fourth-quarter profit, falling to $1.17 billion, the lowest earnings in four years, due to weak refining margins.