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    2705   JP3188300002

OOTOYA HOLDINGS CO., LTD.

(2705)
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Japan's Colowide extends hostile bid for rival Ootoya

08/25/2020 | 05:24am 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


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
COLOWIDE CO.,LTD. -0.50% 1984 End-of-day quote.21.49%
OOTOYA HOLDINGS CO., LTD. -0.37% 2666 End-of-day quote.17.96%
THE RESTAURANT GROUP PLC 1.25% 129.6 Delayed Quote.99.38%
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More news
Financials
Sales 2021 16 139 M 146 M 146 M
Net income 2021 -4 669 M -42,1 M -42,1 M
Net Debt 2021 64,0 M 0,58 M 0,58 M
P/E ratio 2021 -4,30x
Yield 2021 -
Capitalization 19 292 M 174 M 174 M
EV / Sales 2020 0,54x
EV / Sales 2021 1,25x
Nbr of Employees 654
Free-Float 49,1%
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Income Statement Evolution
Managers and Directors
NameTitle
Masaki Kurodo President & Representative Director
Yukihiro Kodo Executive Officer & Manager-Finance
Hiroaki Hamada Director & General Manager-Administration
Takaaki Ozaki Independent Outside Director
Masaya Yamamoto Director
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