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  "documentTitle": "Toyota Industries Corporation (6201)",
  "authorId": "02_Elliott_Management",
  "authorName": "Aaron Tai & Gordon Singer",
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  "presentationDate": "2026-01-18 00:00:00",
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  "notes": "The slide uses a before-after comparison of calculation methodologies for 'Majority of Minority' voting thresholds.",
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      "text": "アイシン、デンソー、豊田通商はいずれもトヨタグループ企業であり、本取引に関与しているにもかかわらず、現在は「マイノリティ」株主として扱われている",
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      "text": "これら3社をマジョリティ・オブ・マイノリティの計算で「マジョリティ」として正しく扱うと、実際の最低応募比率は46.5%となる",
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      "text": "majority of minority threshold: 46.5%",
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      "text": "出典：Bloomberg、会社開示資料。脚注：(1) 株式数は2025年9月30日時点、(2) 豊田章男氏、トヨタ不動産、アイシン、デンソーおよび豊田通商の合計",
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      "text": "別紙6：現在の成立条件の下限は、真のマジョリティ・オブ・マイノリティ条件を満たさない",
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