Restaurant chain operator Colowide Co. said Wednesday it had raised its stake in struggling dining chain Ootoya Holdings Co. to 46.77 percent as part of a hostile takeover bid.
Colowide, which runs a wide range of Japanese-style pubs and restaurants including the Gyu-Kaku grilled beef eatery, has said it plans to immediately send new directors to Ootoya after an extraordinary shareholders' meeting, in hopes of turning around the business' fortunes, after launching the takeover bid in July and extending it in late August.
The tender successfully ended Tuesday, Colowide said, after the firm received enough offers from Ootoya shareholders to raise its stake in the set-menu eatery above the targeted lower limit of 40 percent.