Toyota raises buyout offer to win activist fund's support for $38 billion deal

Toyota has agreed to a deal with activist investment fund Elliott Management. The automaker raised its buyout offer for its subsidiary, Toyota Industries, to about $30 billion, which values the whole company at nearly $40 billion. Elliott accepted the revised bid, ending a standoff.

This move secures the activist fund's support for a deal worth roughly $38 billion. The agreement means Toyota Industries, a key industrial unit, will be taken private by the parent company.