Ootoya Board Votes to Oppose Colowide Tender Offer

Economy

Tokyo, July 20 (Jiji Press)--The board of Japanese restaurant chain Ootoya Holdings Co. <2705> unanimously voted Monday to oppose a tender offer by rival Colowide Co. <7616>.

The move by Ootoya, which operates "teishoku" set meals restaurants, made the offer by Colowide, which runs Gyukaku barbecue and other chains, a hostile bid.

Ootoya plans to call on its individual and corporate shareholders not to apply for the tender offer.

Colowide announced the offer about two weeks after its proposal to renew Ootoya board members was voted down at an Ootoya shareholder meeting in late June.

"The tender offer was forcibly launched against the will of shareholders," Ootoya President Kenichi Kubota told a press conference.

[Copyright The Jiji Press, Ltd.]

Jiji Press