Analysis-Toyota’s buyout deal is a bigger win for Elliott than for governance

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Oil extends surge on concerns surrounding Strait of Hormuz closure Futures drop, oil prices climb amid Iran conflict - what’s moving markets Gold dips, reverses course as stronger dollar weighs amid Iran conflict Gold price surge after Iran attack could fade, Pepperstone says FLASH SALE (South Africa Philippines Nigeria) FLASH SALE Analysis-Toyota’s buyout deal is a bigger win for Elliott than for governance By Reuters Stock Markets Published 03/03/2026, 03:57 AM Updated 03/03/2026, 04:00 AM Analysis-Toyota’s buyout deal is a bigger win for Elliott than for governance 0 6201 0.05% 7203 -6.14% By David Dolan TOKYO, March 3 - Toyota’s decision to further sweeten its bid for group company Toyota Industries marks a win for activist fund Elliott Investment Management, which had pushed the automaker for months for a heftier bump up in price. But the increased offer is hardly a stunning victory for governance. It still does not address what investors had seen as some of the underlying issues - in particular that it was unfair to minority shareholders, even as Chairman Akio Toyoda stands to directly benefit. The world’s largest automaker raised its offer on Monday for forklift maker Toyota Industries, known as TICO, for a second time, to 20,600 yen ($131) a share, valuing the bid at $30 billion. That was enough for Paul Singer’s activist fund, which has agreed to tender its stake. In January Elliott rejected a sweetened bid of 18,800 yen a share as too low. The fund had previously said the shares were worth some 26,134 yen apiece. The buyout is aimed at allowing TICO, a key Toyota supplier, to pivot to advanced mobility technology without the constraints of short-term profit targets. The Toyota group originally offered 16,300 yen a share in June, sparking outrage from minority shareholders who said the deal was underpriced and lacked transparency. Some overseas investors even complained to the Tokyo Stock Exchange, s...