Ootoya Announces Tie-Up with Foodstuff Delivery Firm Oisix
Tokyo, Aug. 14 (Jiji Press)--Japanese “teishoku” set meal restaurant operator Ootoya Holdings Co. <2705> announced on Friday a business partnership with foodstuff delivery firm Oisix ra daichi Inc. <3182>.
The alliance is seen as a way for Ootoya to diversify its operations, as well as to fend off a hostile tender offer by major restaurant chain operator Colowide Co. <7616>.
Under the partnership, Ootoya and Oisix will jointly develop and sell new frozen foods and meal kits. They also plan to launch a subscription system for foodstuff deliveries. The firms are aiming to achieve annual sales of 3 billion yen from the partnership in three to five years.
Colowide, the top shareholder of Ootoya, has announced a tender offer for the company, seeking to make it a subsidiary. By raising its corporate value through the tie-up with Oisix, Ootoya hopes to persuade shareholders not to sell their stakes in the offer.
[Copyright The Jiji Press, Ltd.]