(Reuters) -Activist investor Elliott Investment Management has increased its stake in Toyota Industries ( TYIDF ) to almost 5%, Bloomberg News reported on Tuesday, citing people familiar with the matter.    Elliott has told the company that its proposed privatization price is too low, the report added.

Reuters could not immediately verify the report.

Toyota Industries ( TYIDF ) in a filing on Tuesday disclosed that Elliott had a 3.26% stake as of September 30.