Investors Call for More Transparency in Toyota Industries Buyout

A group of investors is calling for greater accountability in Toyota Motor Corp. Chairman Akio Toyoda’s ¥4.7 trillion ($31.2 billion) proposal to buy out Toyota Industries Corp., a deal they say lacks transparency and comes at the expense of minority shareholders.

More than two dozen investors signed a letter sent to the boards of the companies on Aug. 8, according to the Asia Corporate Governance Association, which made the document public on Thursday.