Elliott Statement on Toyota Industries Corporation

LONDON, Jan. 15, 2026 /PRNewswire/ -- Elliott Investment Management L.P. and Elliott Advisors (UK) Limited ("Elliott"), which advise funds that together have a significant ownership stake in Toyota Industries Corporation ("Toyota Industries" or the "Company"), today issued the following statement:

Although the revised tender offer price of ¥18,800 per share acknowledges the inadequacy of the original transaction terms, the new tender offer price continues to very substantially undervalue Toyota Industries.

Toyota Industries owns high-quality, market-leading businesses and valuable financial assets that Elliott believes, based on its empirical work, together are worth more than ¥25,000 per share. This valuation has grown by more than ¥5,000 per share since June 2025, reflecting the approximately 40% increase in the value of the Company's holdings in Toyota Motor and other Toyota Group companies, as well as the increase in the valuation of the Company's key peers.

Elliott opposes the revised tender offer price as not in the best interests of minority shareholders. Elliott does not intend to tender its shares under the current transaction terms and will be encouraging other shareholders not to support the tender.

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $76.1 billion of assets as of June 30, 2025. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.

Media Contacts:

London
Stijn van de Grampel
Elliott Advisors (UK) Limited
T: +44 20 3009 1061

New York
Stephen Spruiell
Elliott Investment Management L.P.
T: +1 (212) 478-2017

Tokyo
Brett Wallbutton
Ashton Consulting
T: +81 (0) 3 5425-7220