{ "docId": "019dd923-622b-71dc-a6d9-8a44eb154135", "docSlug": "57f01d339401", "documentTitle": "Toyota Industries Corporation (6201)", "authorId": "02_Elliott_Management", "authorName": "Elliott Investment Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2026-01-27 00:00:00", "orientation": "landscape", "aspectRatio": 1.4444444, "pageNumber": 19, "pageCount": 52, "prevPage": 18, "nextPage": 20, "slideType": "testimonial", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 6, "notes": "The slide uses a two-column layout to contrast investor sentiment with sell-side analyst sentiment, both of which are negative.", "elementsJson": [ "headline_text", "subtitle_text", "quote_block", "icon_grid" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6d9-8a44eb154135/19", "deckHref": "/decks/019dd923-622b-71dc-a6d9-8a44eb154135", "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-8a44eb154135.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-8a44eb154135#slide-19", "components": [ { "bbox": null, "kind": "callout", "text": "Market commentary since the Revised TOB was announced has been broadly critical", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0930-77dc-94a5-8c2be3f6bbac", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.04, "y": 0.12 }, "kind": "paragraph", "text": "Market commentary since the Revised TOB was announced has been broadly critical", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ddeb09e6-55c6-48ad-bfab-4976400d7241", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.52, "y": 0.68 }, "kind": "quote", "text": "My strong sense from talking to indignant TICO shareholders [...] is that the 15% uplift has not changed their intentions and that in their eyes the ¥18,800 bid remains woefully inadequate.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "303a8900-70b4-4500-92f8-71bb7806260e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.52 }, "kind": "quote", "text": "Toyota is trying to acquire Toyota Industries on the cheap", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "45e7ac19-04d9-40f6-9467-57859eb0d2d7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.05, "y": 0.25 }, "kind": "quote", "text": "At the time of the initial deal announcement, our estimated fair value was around ¥20,000 per share. Over the last six months fair value has increased and we believe it could be upwards of ¥25,000 per share...", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5b09d141-3afb-4779-b091-f242300f3da2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "I think the business environment has actually improved... The value of the cross-shareholdings has objectively risen by 5,300 per share", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b3787b2c-d933-4670-ab27-d5e70e56addf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.52, "y": 0.25 }, "kind": "quote", "text": "The minimum acceptance condition will be hard to reach... The uplift in subsidiary share buyback prices provides a benchmark for the increase to the tender offer price which would imply ¥21,000/share.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b4cd0712-4110-44cd-8d79-2333cad5e899", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.52, "y": 0.52 }, "kind": "quote", "text": "This higher offer is almost worse than the original given that Toyota Industries' group shareholdings are worth ¥5,300 per share more now than they were in June", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f143ffcd-bdd9-4360-bea8-9edd9fe3c278", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"At the time of the initial deal announcement, our estimated fair value was around ¥20,000 per share. Over the last six months fair value has increased and we believe it could be upwards of ¥25,000 per share [...] How they arrived at the new valuation level is still unclear, especially as the wider market looks to have a significantly higher fair value estimate [...]\" — Nicola Takada Wood, AVI, January 16, 2026; \"Toyota is trying to acquire Toyota Industries on the cheap [...]\" — Hugh Sloane, Sloane Robinson Investment Management, January 15, 2026; \"I think the business environment has actually improved, the share prices of your competitors have risen, the tariff environment has improved, so I would have thought the value of the underlying business would also have gone up since 3 Jun. [...] The value of the cross-shareholdings has objectively risen by 5,300 per share, I don't think we need external valuations for that.\" — Christopher Davis, Mondrian Investment Partners, January 14, 2026; \"The minimum acceptance condition will be hard to reach and as such an increase in the offer terms is likely. The uplift in subsidiary share buyback prices provides a benchmark for the increase to the tender offer price which would imply ¥21,000/share.\" — United First Partners, January 20, 2026; \"This higher offer is almost worse than the original given that Toyota Industries' group shareholdings are worth ¥5,300 per share more now than they were in June [...]\" — Stephen Codrington, Codrington Japan, January 14, 2026; \"My strong sense from talking to indignant TICO shareholders [...] is that the 15% uplift has not changed their intentions and that in their eyes the ¥18,800 bid remains woefully inadequate.\" — CLSA (John Seagrim), January 15, 2026", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0930-77dc-94a5-936010817f0c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "Source: Analyst Research, Company Materials, Press Reports (for all quotes, emphasis added).", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "86c6106a-0eb7-4df4-9103-64ae28222b68", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Significant Concerns Amongst Market Participants", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c00f6974-4171-42a6-8b55-a4ceedc2bef7", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "from": 6, "beatId": "855b0f94-e60f-4245-ad84-b37923b9f2ee", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "Elliott highlights various issues with the Revised TOB, including process failures, governance concerns, and undervaluation.", "position": 1, "confidence": 0.9, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }