Colowide Co.,Ltd. (TSE:7616) made an offer to acquire an additional 32.16% stake in OOTOYA Holdings Co., Ltd. (JASDAQ:2705) for ¥7.2 billion on July 9, 2020. Colowide Co.,Ltd. will acquire shares at ¥3081 per share. Prior to the transaction, Colowide Co.,Ltd. held 19.16% stake and after the transaction, Colowide Co.,Ltd will hold 51.32% stake in OOTOYA Holdings Co., Ltd. As a result of the transaction, Colowide Co.,Ltd intends to make OOTOYA Holdings Co., Ltd. a subsidiary. After the transaction, Ootoya will remain listed on the Jasdaq market. The deal is conditional on minimum tender of 1.88 million shares of OOTOYA. As of August 25, 2020, minimum number of shares to be tendered was decreased to 1.5 million shares. As of Board of Directors meeting held on July 20, 2020, all 11 Directors including 6 outside Directors unanimously expressed their opposition to the tender offer and three Audit & Supervisory Board Members stated that they have no objection to expressing their opposition to the tender offer. Board also advised to all shareholders of OOTOYA not to apply for the tender offer, and all shareholders who have already applied shall immediately cancel the contract relating to the tender offer. The tender offer will run from July 10, 2020 to August 25, 2020. As per the disclosure of August 25, 2020, the tender offer will run from July 10, 2020 to September 8, 2020. SBI Securities Co., Ltd. acted as tender offer agent.

Colowide Co.,Ltd. (TSE:7616) completed the acquisition of an additional 27.6% stake in OOTOYA Holdings Co., Ltd. (JASDAQ:2705) for ¥6.2 billion on September 8, 2020. Colowide acquired 2.0004 million shares of OOTOYA. Post completion, Colowide Co.,Ltd. holds 46.8% stake in OOTOYA Holdings Co., Ltd. Colowide plans to reshuffle Ootoya's current management.