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.

The dispatch adds to wider criticism of the bid to make Toyota Industries — the original business that spawned the world’s largest carmaker ...