Toyota Industries Shares Surge on Akio Toyoda Buyout Proposal

Toyota Industries Corp. shares surged by their daily limit as investors scrambled to interpret what Toyota Motor Corp. Chairman Akio Toyoda’s proposal to buy out the company would mean for corporate governance at Japan’s largest business group.

Toyota Industries, the company founded by Toyoda’s great grandfather, rose 23% on Monday after the company formed a special committee and hired advisers to review the proposal, Bloomberg News reported last week, citing people familiar with the matter.

The stock had remained untraded for most of the day as bids to buy outnumbered offers to sell. Toyota Motor shares rose as much ...