10:41 AM EST, 03/02/2026 (MT Newswires) -- Toyota Motor ( TM ) has increased its offer to take private its largest subsidiary, Toyota Industries, valuing the deal at 5.9 trillion yen ($37.8 billion), following pressure from activist investor Elliott Management, the Financial Times reported Monday, citing a regulatory filing.

The revised 20,600 yen per share offer, up 9.6%, marks the second increase since the deal was announced last June. Toyota Fudosan, which is leading the tender, has agreed to buy Elliott's 7.7% stake under the updated terms, the FT reported, citing the filing.

Elliott said the higher offer delivers "an improved outcome for minority shareholders" after arguing the initial bid undervalued the company. The deal, aimed at unwinding cross-shareholdings within the Toyota ( TM ) group, had drawn criticism over its valuation, the report added.

Toyota Motor ( TM ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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