Elliott Management has raised its stake in Toyota Industries to about 7.1%, intensifying its campaign against a proposed management-led buyout of the Japanese manufacturer, according to Bloomberg.

The activist investor is seeking to block the transaction, arguing that the offer undervalues the business. Elliott has called for stronger governance and a valuation that better reflects the company’s assets and long-term prospects.

The move adds pressure on Toyota Industries’ board as Japanese companies face growing scrutiny from global investors over capital allocation and shareholder returns.

Elliott’s push highlights the increasingly assertive role of activist capital in Japan, where private equity and hedge funds are playing a larger role in shaping corporate outcomes.

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