Toyota Industries Shares Surge as Buyout Expectations Grow

Shares of Toyota Industries Corp. surged as much as 9%, the most since April 28, after a report that the firm is set to accept a buyout offer from Akio Toyoda, chair of Toyota Motor Corp.

The takeover bid will be announced in May or June, according to a Monday report by Japanese news agency Kyodo. Toyota Motor and its group companies are considering borrowing up to ¥3 trillion ($21 billion) to fund the deal, the Nikkei newspaper reported Tuesday morning.

Toyota Motor shares climbed as much as 2.4%, helping to support Japan’s broader Topix Index, which was up 0.2% ...