Announced the establishment of a hostile TOB to Hitoya CoroWide September 9 10:50 of the development of such as Ushikaku
CoroWide, a major restaurant company that develops beef horns, has officially announced that it has acquired 46.77% of its shares, exceeding its target, and has officially announced that it has established a TOB for a hostile public purchase of SHARES that it had made to The Restaurant Holdings, a set-meal chain.
CoroWide was the largest shareholder with more than 19% of the shares of Otoya Holdings, but with the aim of being to become a subsidiary, CoroWide said it would buy up to at least 40% of its shares through a public purchase of TOB.
Aling Otoya opposed making it a subsidiary and became a hostile TOB, CoroWide announced that its ownership ratio reached 46.77% as a result of the final tally on nine days after the deadline for purchase, and that the TOB was established.
Otoya’s business performance has been depressed due to the effects of the new Coronavirus, and in the future, Korowide will work to improve its management in a way that is 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 together at another facility.
Otoya “I’m sorry, but I’ll do my best”
Regarding the establishment of a TOB by CoroWide, Otoya Holdings said, “We are very sorry about the results and we feel sorry for the many people who understanded and cooperated with us. We will do our best for our customers and employees.”