Investing.com-- Toyota Industries (OTC: TYIDF ) Corp (TYO: 6201 ) plans to accept a takeover offer from Toyota (NYSE: TM ) Motor Corp (H: 7203 ) in a move that could take the company private, Kyodo News reported on Monday, citing sources familiar with the matter.

A special-purpose company backed by Toyota Motor and Chairman Akio Toyoda will launch a tender offer as early as May or June, with the acquisition expected to total around 6 trillion yen ($38.5 billion), Kyodo reported.

Financing will reportedly involve loans from major financial institutions, including Mitsubishi UFJ (NYSE: MUFG ) Bank, the report said.

The move is seen as a response to increasing pressure from activist shareholders, with Toyota seeking to stabilize group management, according to Kyodo’s report.

Toyota Industries, which traces its roots to the original Toyota textile machinery business, serves as a key holding company within the Toyota Group, the report added.

The company has formed a special committee to assess the proposal. Its market capitalization stood at about 5.4 trillion yen as of May 19, according to Kyodo.