Elliott Investment Management has increased its stake in Toyota Industries Corp to 6.7% from 5%, intensifying its campaign for a higher valuation in the Japanese manufacturer’s proposed privatisation, according to a report by Bloomberg.
The activist hedge fund, now the company’s second-largest shareholder after Toyota Motor Corp and its affiliates, is urging minority investors to reject the Toyota group’s buyout offer, arguing the stock is worth JPY25,000 per share – well above the revised JPY18...
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