TOKYO :Shares of Toyota Industries were set to surge on Monday after Japanese automaker Toyota said over the weekend it was exploring the possibility of investing in a potential buyout of the key parts supplier.
Toyota Industries shares remained untraded with a glut of buy orders on Monday. The bid and ask indicated that their price was poised to hit the daily upper limit of 16,225 yen, a 23 per cent jump on Friday’s closing price of 13,225 yen.
Such a rise would mark the stock’s biggest one-day jump in at least more than 40 years, according to LSEG data going back to early 1984.
On Saturday, Toyota said in a filing with the Tokyo stock exchange it was exploring various possibilities, including a partial investment, in Toyota Industries.
Bloomberg News reported on Friday that Toyota Chairman Akio Toyoda and his founding family have proposed acquiring Toyota Industries in a potential 6 trillion yen ($42 billion) deal.
In a statement released Saturday, Toyota Industries confirmed it had received proposals about going private through a special purpose company but it denied receiving a buyout offer from the Toyota chairman or the Toyota group.
