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(Update) Colowide Aiming to Buy Ootoya in Possible Hostile Bid

(Update) Colowide Aiming to Buy Ootoya in Possible Hostile Bid

   Tokyo, July 9 (Jiji Press)--Major Japanese restaurant operator Colowide Co. <7616> said Thursday it will launch a tender offer for domestic industry peer Ootoya Holdings Co. <2705>, which is expected to become a hostile bid.
   Colowide, which owns about 19 pct of Ootoya, is seeking to increase its stake to some 51 pct to make it a subsidiary. Colowide, which runs "Gyukaku" barbecue restaurants and other chains, aims to achieve business recovery partly through joint procurement with Ootoya at a time when the restaurant industry has been hit hard by the fallout of the novel coronavirus epidemic.

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AFP-JIJI PRESS NEWS JOURNAL


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