Colowide succeeds in hostile takeover bid over Ootoya

Japanese restaurant chain operator Colowide Co. said Tuesday it has succeeded in a takeover bid for Ootoya Holdings Co. in what is perceived as an unfriendly move against the struggling operator of Japanese-style set-menu eatery chain restaurants.Colowide, which runs a wide range of Japanese-style pubs and restaurants including the grilled beef eatery chain Gyu-Kaku, said it has obtained about a 47 percent stake in Ootoya, above the targeted lower limit of 40 percent.The hostile takeover bid was launched on July 10, with Colowide offering 3,081 yen per share -- a 46 percent premium on the O…READ FULL ARTICLE