Ootoya Extraordinary General Meeting of Shareholders Passed Proposal for Renewal of Management

Ootoya Extraordinary General Meeting of Shareholders Passed Proposal for Renewal of Management November 4, 12:22

An extraordinary general meeting of shareholders of Ootoya was held in response to the establishment of a takeover bid for TOB = shares to Ootoya Holdings, a set meal chain by Colowide, a major restaurant company that operates Gyu-Kaku, and the management team proposed by Colowide A bill calling for a renewal has been passed.

Through the TOB, Colowide became a major shareholder holding approximately 47% of Ootoya's shares, and requested a renewal of Ootoya's management team, including the appointment of a new director from the Colowide side.

In response to this, an extraordinary general meeting of shareholders was held from 10 am on the 4th, and the proposal from the Colowide side requesting the dismissal of directors was approved by a majority.

As a result, 10 of the 11 directors of Ootoya will be dismissed, and 7 new directors proposed by Colowide will be appointed.

Since February last year, monthly sales of Ootoya have been lower than the previous year, and since the beginning of this year, the impact of the new coronavirus has continued to make it difficult to predict a recovery in business performance.

Colowide is proposing cost reduction measures such as consolidating some of the cooking that Ootoya is doing in the store into a common kitchen, and how will Ootoya's new management work in collaboration with Colowide? The challenge is to rebuild management.

Shareholders "Reform is necessary" "Not convinced"

Shareholders who attended the general meeting of shareholders on the 4th expressed both pros and cons to the proposal from Colowide to renew the management of Ootoya.

Among them, a male shareholder in his twenties in Tokyo who agreed with the bill said, "It is clear that the current management team is not producing results, and I am not sure if Colowide is good, but I thought that reform was necessary. I want you to protect what you protect and change for the better. "

On the other hand, a female shareholder in her 70s in Saitama Prefecture, who opposed the bill, said, "I liked Ootoya's set meals and ate them a lot, but I don't think I'll go there anymore. I'm not convinced without it. "