Toyota Motor has extended its tender offer for Toyota Industries until March 2 after failing to secure sufficient minority shareholder backing.
The delay follows firm opposition from activist investor Elliott Investment, raising expectations of a higher revised offer and pushing shares to record highs.
As of Thursday afternoon, over 99 million shares, or 33.1%, had been tendered—below the required 42.01% minority threshold.
Toyota Motor’s 24.66% holding is excluded from that calculation, making minority investor approval critical to the deal’s success.
The offer was raised 15% last month to 18,800 yen per share, valuing the forklift maker at approximately $36 billion.
Elliott, now the largest minority shareholder with a 7.1% stake, argues the company is worth 26,134 yen per share.
The bid has become a corporate governance test case in Japan, amid broader reforms encouraging transparency and foreign investment.
Critics also question the classification of affiliated shareholders as independent, citing potential conflicts involving Chairman Akio Toyoda.
