Toyota Raises Offer for Unit, Ending Standoff With Elliott

The Toyota group reached a landmark deal with Elliott Investment Management to privatize Toyota Industries Corp., paving the way for the biggest-ever acquisition of a Japanese company.

The carmaker and its affiliates are now willing to pay ¥20,600 for each share of Toyota Industries they don’t already own, and extended the tender period to March 16. The new offer values the company at ¥6.7 trillion ($43 billion) and represents a 9.6% bump from its previous price, which was already raised before amid pressure from Elliott.