Elliott reiterates call against Toyota Industries tender offer, shares hit record

Core Viewpoint - Elliott Investment Management opposes the tender offer from Toyota Motor for Toyota Industries, claiming the offer price is too low and detrimental to minority shareholders [1]. Group 1: Tender Offer Details - Toyota Motor initially offered 16,300 yen per share for Toyota Industries, later increasing the bid to 18,800 yen in January [1]. - The tender offer was set to close on Thursday, with 33.1% of shares tendered two and a half hours before the deadline [1]. - To succeed, the bid requires acceptance from 42.01% of minority shareholders, excluding Toyota Motor's 24.66% stake [1]. Group 2: Market Reaction - Following the announcement of the tender offer extension, Toyota Industries shares surged, reaching a record high of 20,355 yen per share [1].