Toyota Is Relying on Ties Over Price in Elliott Buyout Row

Despite a tender offer that’s below market price and an aggressive counter-campaign waged by Elliott Investment Management, the Toyota group can count on a handful of loyal shareholders to subscribe to its buyout proposal of supplier Toyota Industries Corp.

Owners of 4.1% of Toyota Industries stock have expressed their intent to tender shares at the below-market offer of ¥18,800 per share. That includes Toyota affiliates and suppliers as well as major insurers like Aioi Nissay Dowa Insurance Co., Mitsui Sumitomo Insurance Co. and Tokio Marine & Nichido Fire Insurance Co. The tender period closes on Feb. 12.