Toyota Industries said it received a proposal to take the company private, sending its shares to a record high.

TOKYO (Reuters) -Shares of Toyota Industries were set for their biggest daily jump on record on Monday after Japanese automaker Toyota said it was considering a potential buyout of the key parts supplier,

Toyota Motor Corp. Chairman Akio Toyoda has proposed a buyout of Toyota Industries Corp., people familiar with the matter said, seeking to consolidate his grip on Japan’s biggest business empire as a wave of merger and acquisition activity roils the country.