its ground against an unwelcome bid from US hedge fund
Japan''s Bull-Dog Sauce has repelled the latter''s takeover
bid. The Japanese sauce maker employed the "poison-pill"
tactic of threatening to dilute Steel Partners'' holdings
by expanding its share base.
Sauce has become the second iconic Japanese company to
repel Steel Partners'' unfriendly takeover attempts in
Japan this year. Earlier in March, this year, Japan''s
third largest brewer after Kirin and Asahi, Sapporo, the
owner of brands include Black Label and Yebisu brands,
rebuffed Steel Partners by resorting to "poison-pill"
Partners, which had been determined to dismantle the resistance
of Japanese investors to foreign takeover bid took its
fight for its proposed 100 per cent acquisition of the
popular Bull-Dog to Japan''s Supreme Court, which rejected
the US fund''s plea by ruling that Japanese shareholders
had the right to reject foreign bids.
Lichtenstein, chief executive, Steel Partners, had announced
that he wanted to "educate" Japanese managers.
The failed attempt at educating Japanese managers leaves
Steel Partners poorer by "several billion yen"
in costs and a 4.4-per cent of the Bull-Dog stock.
March, Japanese brewer Sapporo had won shareholder support
for anti-takeover measures to keep the US hedge fund at
bay, with over two-thirds of shareholders voting for the
proposed "poison-pill" measures, despite Steel
Partners urging investors to vote against the proposal.
Partners moves reflect a new confidence in Sapporo, which
is known for its Black Label and Yebisu brands, in the
face of competition from the brewer''s bigger Japanese