Family-style restaurant chain Skylark Co. announced Thursday its management will buy all outstanding company shares to become private, making it the largest management buyout bid in Japanese history.

Skylark officials said they decided on the move, expected to cost roughly 272 billion yen, so it can restructure without worrying about the effect on stock prices. Observers said it would also eliminate the possibility of a takeover during the process.

The plan was approved by the firm's board of directors in the afternoon. Skylark will launch a public tender bid Friday until July 10 for 2,500 yen per share through SNC Investment Co., funded by Nomura Principal Finance Co. and Asia Eateries Holdings NV.