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MarketScreener Homepage  >  Equities  >  Tokyo JASDAQ  >  OOTOYA Holdings Co., Ltd.    2705   JP3188300002

OOTOYA HOLDINGS CO., LTD.

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Japan's Colowide extends hostile bid for rival Ootoya

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08/25/2020 | 06:24am EDT

Japanese fast-food restaurant group Colowide Co has extended its hostile bid for rival Ootoya Holdings after failing to secure enough shares by Tuesday's deadline, despite offering a hefty premium.

The bid has attracted widespread publicity not only because hostile offers are uncommon in consensus-driven Japan, but also due to the popularity of Ootoya, a casual dining chain known for its home-style dishes.

Colowide, which runs several popular pub chains and already holds a 19% stake in Ootoya, said it was giving shareholders until Sept. 8 to tender their shares.

It has offered to buy the shares at 3,081 yen per share, a 46% premium to their earlier value.

Colowide also said it would make the purchases if it can secure at least 40% of Ootoya, lowering a previous target of at least 45%.

The extended bid shows how Ootoya shareholders, while worried about the COVID-19 pandemic's impact on the restaurant business, are reluctant to see the company join a large, fast-food group.

Unlike many other chains, Ootoya prepares all of its food on site. Colowide has said it wants to promote more efficiency by introducing the chain to its network of "central kitchens" or commercial cooking hubs serving multiple restaurants.

Ootoya has said such a system, common among cheaper, nationwide dining chains, would lessen its appeal to customers.

Ootoya has faced pressure from higher labour and food costs. The pandemic has also hit sales, with customers avoiding dining out.

Colowide came upon Ootoya shares after the sudden, 2015 death of Ootoya's founder Hisami Mitsumori prompted a boardroom battle and the exit of his son, Tomohito, from the company. Tomohito and his mother eventually sold their shares to Colowide.

Ootoya shares closed on Tuesday at 2,700 yen. Colowide has said it plans to keep them listed.

By Ritsuko Ando


Stocks mentioned in the article
ChangeLast1st jan.
COLOWIDE CO.,LTD. -3.77% 1559 End-of-day quote.-31.05%
OOTOYA HOLDINGS CO., LTD. -0.19% 2114 End-of-day quote.-10.99%
THE RESTAURANT GROUP -0.64% 40.5 Delayed Quote.-75.15%
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All news about OOTOYA HOLDINGS CO., LTD.
09/09UPDATE2 : Colowide to seek Ootoya management change after success in takeover
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09/09UPDATE1 : Eatery operator Colowide boosts Ootoya stake to 46.77% in takeover bid
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09/09Japanese shares hit 1-1/2 week low on U.S. tech selloff
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09/08COLOWIDE : boosts Ootoya stake to 46.77% in successful takeover bid
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09/08OOTOYA : Japan's Colowide says it's won fast-food fight to take over rival Ootoy..
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09/08COLOWIDE : succeeds in hostile takeover bid over Ootoya
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Financials
Sales 2020 24 579 M 235 M 235 M
Net income 2020 -1 147 M -11,0 M -11,0 M
Net cash 2020 445 M 4,25 M 4,25 M
P/E ratio 2020 -12,0x
Yield 2020 1,32%
Capitalization 15 315 M 146 M 146 M
EV / Sales 2019 0,58x
EV / Sales 2020 0,54x
Nbr of Employees 686
Free-Float 46,6%
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Managers
NameTitle
Kenichi Kubota President & Representative Director
Yukihiro Kodo Executive Officer & Manager-Finance
Hiroaki Hamada Director & General Manager-Administration
Masaya Yamamoto Director
Akihiro Matsuoka Director & Manager-Corporate Planning
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