New York, January 19, 2026, 14:27 EST — The market has closed.
- Toyota Motor’s shares on the U.S. market last changed hands at $231.42, slipping 0.3% from the previous close.
- Elliott called on investors to reject the Toyota Group’s offer for Toyota Industries, arguing the bid falls short by almost 40%.
- Traders are keeping an eye out for any reaction from Toyota and clues as the tender offer deadline on Feb. 12 approaches.
Toyota Motor’s (TM) shares enter the new week shadowed by an activist challenge targeting the Toyota Group’s effort to acquire Toyota Industries, despite U.S. markets being closed Monday for the holiday. On Friday, Toyota’s ADRs closed at $231.42, slipping 0.3%.
U.S. markets were closed Monday in observance of Martin Luther King Jr. Day. Investors will turn to Tuesday’s session for a clearer picture of how the latest news is impacting Toyota’s U.S. operations. 1
The dispute matters because the Toyota Industries deal has turned into a proxy battle over capital discipline and corporate governance in Japan, where regulators and investors are pressing companies to dismantle cross-holdings — stakes firms hold in one another — and boost returns.
A bigger bid would probably push Toyota and its partners to pay more cash, whereas a stalled tender could trap the group in a drawn-out public clash with one of the globe’s most prominent activist funds.
Elliott Investment Management slammed the Toyota Group’s boosted bid for Toyota Industries, claiming it undervalues the forklift maker by nearly 40%. The activist firm unveiled a “standalone” strategy it believes could significantly boost the company’s worth by 2028. Toyota Motor acknowledged Elliott’s open letter and said it would continue monitoring the developments. 2
Toyota and its partners bumped up their offer for Toyota Industries to 18,800 yen a share, up from 16,300 yen, Reuters reported last week. The tender offer will run from January 15 to February 12. Toyota also said it’s increasing its financial commitment on the deal to as much as 800 billion yen, up from 706 billion yen. 3
Stephen Codrington, founder of Codrington Japan, raised doubts about the revised price, suggesting it might mean “they’ve downgraded their value of the underlying business,” despite other group stakes rising. He added that investors could hold off until late in the tender period to see if Toyota improves its offer further. 4
Toyota shareholders are watching closely to see if the group can hold steady at 18,800 yen or if it will shift again — signaling whether Toyota is ready to invest more for greater control or stick to its investor-friendly approach.
Risks cut both ways. A price hike from Toyota would push up costs and spark scrutiny over how capital’s being allocated. If it stands pat and the tender falters, the fight could drag on, keeping the stock stuck to headlines instead of its fundamentals.
Traders are now focused on the first full session after the U.S. holiday and any updates from Toyota or its advisers. The Feb. 12 tender deadline has firmly taken hold as the key date on their calendars.
