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

OOTOYA HOLDINGS CO., LTD.

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OOTOYA : Japan's Ootoya says to formally oppose Colowide's takeover bid

07/16/2020 | 09:35pm EST

Restaurant chain Ootoya Holdings said it would oppose a takeover offer from its top shareholder, Colowide Co, turning the bid into the Japan's latest hostile deal.

Restaurant chain Ootoya Holdings said it would oppose a takeover offer from its top shareholder, Colowide Co, turning the bid into the Japan's latest hostile deal.

In an emailed statement, Ootoya said it would announce on Friday that a group of employees were against the takeover, followed by a formal decision on Monday by the board of directors to oppose the bid.

Ootoya shares rose over 3% to 2,949 yen (£21.90) after the news, while the broader market <.N225> was slightly down.

Colowide last week offered to buy Ootoya at 3,081 yen a share in a deal that would boost its stake in the company to 51.32% from 19.16%.

Japanese companies are increasingly seeking more control of affiliates to streamline operations.

A spokesman for Colowide, which runs several restaurants from izakayas to sushi chains, said the company does not have any immediate comments on Ootoya's plan to oppose the bid.

Ootoya has criticised the offer, saying it came as a surprise given Colowide knew the majority of shareholders opposed such a move.

The bid also follows Colowide's failed attempt to install candidates to Ootoya's board - a proposal rejected at the annual shareholders' meeting last month.

(Reporting by Junko Fujita; Editing by Chang-Ran Kim and Himani Sarkar)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
COLOWIDE CO.,LTD. 2.27% 1669 End-of-day quote.2.20%
OOTOYA HOLDINGS CO., LTD. 0.00% 2256 End-of-day quote.-0.18%
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Financials
Sales 2020 24 579 M 237 M 237 M
Net income 2020 -1 147 M -11,0 M -11,0 M
Net cash 2020 445 M 4,28 M 4,28 M
P/E ratio 2020 -12,0x
Yield 2020 1,32%
Capitalization 16 344 M 157 M 157 M
EV / Sales 2019 0,58x
EV / Sales 2020 0,54x
Nbr of Employees 686
Free-Float 47,4%
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Managers and Directors
NameTitle
Masaki Kurodo President & Representative Director
Yukihiro Kodo Executive Officer & Manager-Finance
Hiroaki Hamada Director & General Manager-Administration
Masaya Yamamoto Director
Tomohito Mitsumori Non-Executive Director
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