Activist hedge fund Elliott Investment Management has agreed to tender its stake in Toyota Industries after Toyota raised its take-private bid to JPY20,600 per share, valuing the deal at $30bn, according to a report by Reuters.

The move ends a months-long standoff between Elliott and Toyota over pricing, with the activist fund describing the revised offer as an “improved outcome” for minority shareholders. Toyota Industries, also known as TICO, had previously received offers of 16,300 yen and later 18,800 yen per share, both of which Elliott deemed too low.

The latest offer remains subject to loan guarantees from Toyota’s banks, but Elliott’s backing effectively clears the way for the transaction to proceed, closing the drawn-out negotiation over the company’s valuation.