Shares of Toyota Industries slumped as much 13% after Toyota group’s 4.7 trillion yen ($33 billion) plan to privatize the former.

Toyota Industries Corp. said it received a $33 billion offer to take the company private in a move that could lead to the founding family strengthening its grip over Japan’s biggest business empire.

Toyota Industries will decide on Tuesday whether to accept a tender offer to take the company private, it said, after several media reported that it would accept a $42 billion offer from Toyota Motor and other group companies.