“Ushikaku” operating company “Otoya” seeking management reform and shareholder proposal April 14 21:00
Corowide, which operates “Ushikaku” and others, announced that it will make a shareholder proposal to the largest shareholder set chain “Otoya Holdings” at the general meeting of shareholders to request management reform. I would like to take control of the management and rebuild the business results.
In the proposal of "Corowide", 7 out of 12 candidates for directors of "Otoya Holdings" will be directors of Corowide, etc., and a majority of the directors will be secured in order to recover the weak performance.
The company says that if the proposal is approved at the general meeting of shareholders, it will make Otoya a subsidiary and reduce costs by jointly procuring ingredients.
On the other hand, Otoya Holdings says it will continue to consider the proposal, saying that it has not received a specific proposal yet, and has not specifically verified the synergistic effect of grouping. May develop into a dispute over management rights.