Toyota Fudosan raised its tender offer for Toyota Industries to ¥18,800 per share, but activist investor Elliott Investment Management quickly rejected the revised bid, urging shareholders to hold out for a valuation above ¥25,000.
- Shares of Toyota Industries rose to ¥19,095 (+5.9%) in Tokyo trading following the announcement.
- Elliott rejected the 15% increase in the offer price, stating the company is significantly undervalued at the current bid.
- TM stock traded up 3.17% to $234.50 in pre-market trading, extending recent gains amid group developments.