When is a buyout premium not a buyout premium? In Japan, at least, it’s when the cross-shareholdings companies hold get in the way. The issue is going to come into sharp focus if Toyota Motor Chair Akio Toyoda and his family follow through on the 6 trillion yen ($42 billion) offer reported by Bloomberg on Friday to take private Toyota Industries ,

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

Investors bet carmaker’s proposed $42bn take-private bid for parts unit could trigger more deals for subsidiaries