Toyota Industries Corporation

Toyota Fudosan's ¥18,800 squeeze-out of Toyota Industries undervalues NAV by ~40%; reject the TOB and back Elliott's Standalone Plan targeting >¥40,000 per share by 2028.

Toyota Industries' ¥18,800 take-private undervalues NAV ¥26,134 by 40%; rejecting the TOB and executing Elliott's Standalone Plan unlocks >¥40,000 per share by 2028.

Toyota Industries' ¥18,800 take-private undervalues the company by 39%; shareholders should reject the tender and pursue a Standalone Plan worth >¥40,000 per share.

Toyota Real Estate's ¥18,800 TOB undervalues Toyota Industries by 39% versus NAV and 85% on core business; shareholders should refuse to tender and pursue a standalone plan instead.