TOB for food service giant Coro Wide Otoya extended until next month 8th August 20:12
Corowide, a major food service company that develops Gyukaku etc., has not reached the target for the TOB = Tender Offer for shares that it is making at Otoya Holdings of the set meal chain because it did not reach the target by the 25th deadline We decided to extend it until the 8th of next month and lower the target.
Although Corowide is the largest shareholder with more than 19% of Otoya Holdings shares, it was carrying out a tender offer for TOB=shares on the 25th, aiming to make Otoya a subsidiary.
However, according to what CoroWide announced on the 25th, it did not reach the target of purchasing more until it held at least 45% of the stake in making it a subsidiary.
Corowide has also decided to extend the purchase period until the 8th of next month and lower the target to 40% in order to increase the likelihood of a TOB being established.
Otoya, the target of TOB, has more than 400 set meal chains in Japan and overseas.
If TOB is established, Corowide intends to reorganize the management team by making Otoya a subsidiary, but Otoya is strongly opposed to this, and the conflict over the management rights of the restaurant companies will be prolonged. I am.