Proxy fight between Ootoya, Colowide intensifies amid pandemic

A proxy fight between Japanese restaurant chain operators Ootoya Holdings Co. and Colowide Co. has been heating up ahead of the latter's Aug. 25 takeover deadline, even as both struggle to ride out the coronavirus pandemic.Colowide, which runs izakaya pubs and Gyukaku grilled beef restaurants, launched last month a takeover bid for Ootoya, the operator of Japanese-style set-menu eatery chain restaurants, seeking to improve the loss-making operator's performance through cost-cutting and improved procurement and food distribution synergies.Before the takeover bid, Colowide held a 19.16 percen…READ FULL ARTICLE