A Win — and a Lesson — From Toyota’s Elliott Deal |
Sometimes the most important lessons in life involve what not to do. The Toyota group may have prevailed over minority shareholders in a buyout, but the tussle showed that not even Japan’s most powerful conglomerate can get away with lowballing investors — a development that bodes well for efforts to improve the way companies are overseen.
On the face of it, the dispute between Toyota and activist investor Elliot Investment Management ended amicably on Monday with an agreement that gave each side what it wanted. The group got the green light to delist one of its members, Toyota Industries Corp., and take it private in what is expected to be the biggest ever deal of its kind. Elliott successfully campaigned for — and received — a higher price for its stake in the company.