Wisdom Co., Ltd., the buyout vehicle of Watami founder Miki Watanabe, will launch a tender offer at ¥1,284 a share to take the Tokyo Prime-listed restaurant group private, the companies said on 13 November 2026, valuing Watami at about ¥51.5bn.
Why Wisdom Co., Ltd. (asset-management company of Watami founder Miki Watanabe) is buying Watami Co., Ltd.
Nikkei reported that the buyout is intended to speed Watami's transformation from an izakaya operator into a broad restaurant group as the pub market stagnates. Watami said going private would let management pursue longer-term measures and redirect listing, disclosure and investor-relations costs to its business, and that Watanabe will remain chairman and chief executive.
Deal terms and financing
The ¥1,284 price, Wisdom's eighth and final proposal after the special committee rejected earlier offers, is a 49.65% premium to the 12 November close. Watanabe's asset-management company will not tender its directly held shares and will instruct Sumitomo Mitsui Trust Bank to tender 1.7m shares held in trust. Suntory will not tender and, after a squeeze-out by share consolidation, will receive non-voting class shares in Wisdom through a share exchange to keep its capital tie as a key drinks supplier. Watami will also redeem A-class preferred shares held by a DBJ fund for about ¥12.4bn, funded by a loan from Wisdom. Watami cut its dividend forecast to zero and is scrapping its shareholder perks.
Regulatory approvals and timing
The tender offer runs from 16 November to 28 December 2026, with settlement from 6 January 2027. If it succeeds Watami will be delisted after the squeeze-out.
Market context
Watami runs izakaya brands such as Miraizaka and Torimero, yakiniku restaurants, the Japanese Subway franchise, a meal-delivery business, and farming and renewable energy operations. Watami confirmed on the morning of 13 November that it was considering a buyout after a Nikkei report.
