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

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.

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, which has a market value of 4 trillion yen ($28 billion).