Announced the establishment of a hostile TOB for Otoya Corowide, which has expanded ox horns, etc.September 9 10:50
Corowide, a major restaurant company that develops “Gyu-Kaku” and others, acquired 46.77% of the shares exceeding the target for the hostile TOB tender offer that had been made to “Otoya Holdings” of the set meal chain. , Officially announced that the TOB was established.
Corowide was the largest shareholder in Otoya Holdings, with more than 19% of the shares, but with the aim of becoming a subsidiary, it said that it would buy at least 40% of its shares through a tender offer for TOB=shares.
Otoya opposed hosting it as a subsidiary and became a hostile TOB, but Corowide has reached a holding ratio of 46.77% as a result of the final tabulation on the 9th, just one day after the deadline of purchase, and TOB Announced that it was established.
Otoya's business performance has declined due to the effects of the new coronavirus, and in the future, we will work to improve management with Corowide being deeply involved in management.
Corowide wants to reduce costs by reviewing the cooking that Otoya is doing in the store and introducing a method of cooking at another facility.
Otoya "I'm sorry but I do my best"
Regarding the establishment of the TOB by Corowide, Otoya Holdings said, "We are very disappointed with the results, and we are sorry for the many people who have given us their understanding and cooperation. We will do our best for our customers and employees. I will do my best."