Japan's Colowide extends hostile bid for rival Ootoya
25/08/2020 11:02
TOKYO, Aug 25 (Reuters) - Japanese fast-food restaurant
group Colowide Co 7616.T extended its tender offer for rival
Ootoya Holdings 2705.T after failing to secure enough shares
by Tuesday's deadline in a rare hostile bid.
Colowide, which already held a 19% stake in Ootoya, said it
was giving shareholders until Sept. 8 to tender their shares.
It said it would carry out the tender offer if it can secure
at least 40% ownership in Ootoya, lowering a previous target of
at least 45%.
The company had offered to buy the shares at 3,081 yen per
share, which represented a 46% premium to their earlier value.
(Reporting by Ritsuko Ando and Rocky Swift; editing by Jason
Neely)
((Ritsuko.Ando@reuters.com; +81 3 6441 1743;))