By Kosaku Narioka
A real-estate arm of the Toyota group of companies raised the tender offer price for Toyota Industries, valuing the nearly century-old Japanese company that founded Toyota Motor in the 1930s at about $35 billion.
Its move comes after Elliott Investment Management built a 5.0% stake in the now-forklift maker and said it believed the property arm's proposal significantly undervalued the company.
The real-estate arm, Toyota Fudosan, is privately held by Toyota group companies, with the car giant's chairman, Akio Toyoda, also serving as its chairman.
Toyota Fudosan said Wednesday that it will start the tender offer on Thursday. The new offer values the company at 5.6 trillion yen, equivalent to $35.18 billion, based on about 300 million shares outstanding. The price was raised to Y18,800 apiece from Y16,300 originally.
Toyota Industries, from which Toyota Motor was spun off in 1937, produces forklifts, cars, engines, other auto parts and textile machinery. It was founded by Sakichi Toyoda, Akio Toyoda's great-grandfather.
Toyota Industries, which is focusing on developing autonomous technologies for forklifts and logistics management software, plans to further advance these activities by going private while deepening collaboration within the group.
The forklift-maker's shares closed 1.0% lower at Y18,025 on Wednesday, before Toyota Fudosan's announcement.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
January 14, 2026 05:39 ET (10:39 GMT)
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