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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 takeover bid by Colowide

07/16/2020 | 07:41pm EST

TOKYO, July 17 (Reuters) - Japanese restaurant chain Ootoya Holdings said it would oppose a tender offer by its top shareholder, Colowide Co, turning the bid into the country's latest hostile deal.

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

Colowide had said last week it would launch the bid to boost its stake to 51.32% from 19.16% as it seeks to expand through acquisitions. Japanese companies are increasingly seeking more control of affiliates to streamline operations.

Ootoya immediately criticised the offer, saying it came as a surprise given that Colowide knew the majority of shareholders opposed such a move. The bid also followed Colowide's failed attempt to install candidates to Ootoya's board - a proposal rejected at the annual shareholders' meeting last month.

Colowide, which runs a variety of restaurants from izakayas to sushi chains, has offered 3,081 yen a share. Ootoya shares closed at 2,860 yen on Thursday. (Reporting by Junko Fujita Editing by Chang-Ran Kim)


© 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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