Elliott Takes Toyota Industries Stake, Contests Buyout Price

Elliott Investment Management has been building a significant stake in Toyota Industries Corp. and has told the Toyota group company that its proposed privatization price is too low, people familiar with the matter said.

Toyota Industries disclosed in a filing on Tuesday that Elliott had a 3.26% stake as of Sept. 30, making it one of the manufacturer’s biggest shareholders. That has since increased to almost 5%, the people said, asking not to be identified because the information is confidential.