Elliott Investment Management has increased its stake in Toyota Industries again as the activist investor ramps up efforts to block the Toyota group’s bid to take the company private.

The U.S. fund now owns around 7.1% of Toyota Industries, according to a filing on Thursday. Since revealing a 5% stake in November, Elliott has increased its shareholding twice as it rallies investors to push for a better deal.

The latest move, disclosed one week before the tender offer closes, may add to the challenges the Toyota group faces in getting a potential squeeze-out over the line. While Elliott’s campaign has already seen Toyota group sweeten its offer to ¥18,800 — valuing Toyota Industries at ¥6.1 trillion ($39 billion) — it’s still unclear how many of its fellow minority shareholders will join them in opposing a deal that’s become a high-profile test of Japanese corporate governance reforms.

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