Corowide Expected to establish hostile TOB to Otoya September 8th 17:39
TOB=Tender offer of shares that Oromiya Holdings Co., Ltd., which is a major restaurant that develops Gyukaku etc., has postponed the deadline for set meal chain Otoya Holdings, where the shareholding ratio exceeds 45% It has become possible that a hostile TOB will be established.
Corowide is the largest shareholder with more than 19% of the shares in Otoya Holdings, and was conducting a tender offer for TOB=shares by the end of the 25th month of last month, aiming to make Otoya a subsidiary.
The purchase evolved into a hostile TOB due to Otoya's opposition, but Corowide was unable to reach its goal of buying more until it held at least 45% stake by the deadline.
For this reason, after lowering the target shareholding ratio to 40%, the purchase period was extended to 8 days.
According to the people involved, Corowide has reached the level of over 45%, which is higher than the target, by the tender offer, and it is expected that the TOB will be established for Otoya.
Otoya operates a set-meal chain nationwide, but due to the effects of the new coronavirus and other factors, business performance has been sluggish recently.
With the establishment of TOB, Corowide will significantly increase its shareholding ratio and become deeply involved in the management of Otoya, and the challenge is how to improve management such as cost reduction in the future.