Tokyo, Nov. 13 (Jiji Press)--Watami Co., a Japanese restaurant chain, said Friday that it plans to go private through a management buyout scheme.

An asset management company of Miki Watanabe, founder, chairman and CEO of the operator of "izakaya" Japanese-style pubs, will acquire Watami shares at 1,284 yen apiece in a tender offer running from Monday through Dec. 28.

If the tender offer is successful, Watami will be delisted from the Tokyo Stock Exchange's Prime section. As a result, the company will not pay dividends for the fiscal year ending in March 2027 and will abolish shareholder benefits.

By giving its management more flexibility, Watami aims to accelerate its shift to a structure not dependent on izakaya operations as more consumers, especially young people, stay away from alcohol.

The company has been working to expand its non-izakaya operations by acquiring the Japanese operations of the Subway sandwich chain in 2024 and operating boxed meal delivery services.

The logo of "Watami" displayed on the company's headquarters building in Tokyo

[Copyright The Jiji Press, Ltd.]