迫于埃利奥特资本压力，丰田集团将收购报价上调15%

Core Viewpoint - Toyota Group has raised its acquisition offer for its core subsidiary, Toyota Industries, by 15%, increasing the valuation to 6.1 trillion yen (approximately 39 billion USD) in response to demands from activist shareholders Elliott Management, who criticized the initial offer as a "lowball bid" [1][6]. Group 1: Acquisition Details - The revised offer for Toyota Industries shares has been increased from 16,300 yen to 18,800 yen per share, with the tender offer set to commence on Thursday and run until February 12 [1][6]. - The new offer is 4.3% higher than the latest closing price of Toyota Industries, marking a significant victory for shareholder activism in Japan [1][6]. Group 2: Shareholder Activism - Elliott Management, led by billionaire Paul Singer, has been a vocal critic of the initial acquisition proposal, arguing that it significantly undervalues Toyota Industries, which holds stakes in other companies worth billions [2][7]. - Since the announcement of the acquisition plan in June 2025, Toyota Group has faced mounting pressure to increase the offer, with various investors labeling the original proposal as an "unfair transaction" that disregards the interests of minority shareholders [2][7]. Group 3: Market Reactions - Since late August 2025, the stock price of Toyota Industries has consistently exceeded the acquisition offer, indicating that investors anticipated a price increase and reducing the willingness of minority shareholders to sell their shares at the lower offer [3][8]. - Over twenty investors, including several Japanese institutions, have jointly expressed concerns about the lack of transparency in the acquisition process, which they believe harms the interests of minority shareholders [3][8]. Group 4: Historical Context - Toyota Industries is the foundation of the Toyota Group, having been established by Kiichiro Toyoda, the son of the company's founder, Sakichi Toyoda, and is integral to the success of Toyota Motor Corporation, the largest automotive manufacturer globally [9]. - Akio Toyoda served as CEO of Toyota Motor Corporation for 14 years before transitioning to the role of chairman in 2023 [4][9].