UPDATE: JAPAN: Bull-Dog digs in to resist buyout move
Japanese sauce manufacturer Bull-Dog has denied reports that it has made any progress towards accepting a takeover bid from US hedge fund Steel Partners.
The private equity group has issued a tender offer of JPY1,584 (US$13.10) a share for the shares in Bull-Dog that it does not already hold. Steel Partners currently has a 10.52% stake in the iconic source maker.
A spokesperson for the group also told just-food that Bull-Dog is not seeking a "white knight" intervention similar to that pursued by Nissin Food Products in response to a takeover move from Steel Partners last year.
Japanese analysts have suggested that this latest strike from a foreign firm is further proof that Japanese industries face a new era of corporate mergers and acquisitions that will more closely resemble the cut-throat deals seen overseas.
Until very recently, hostile takeover bids were still rare in Japan, where private equity and hedge funds have been traditionally viewed as corporate vultures.
The growing influence of private equity groups (PEGs) has become a major talking-point in the food industry, as it has in so many other sectors. Chris Brook-Carter asks if the growth in PEG activity r...
US investment fund Steel Partners has failed in its JPY32.3bn (US$278m) bid to win control of the Japanese condiments group Bull-Dog Sauce Co. after only winning acceptances for 1.89% of the company's...
US hedge fund Steel Partners is to press ahead with its pursuit for Japan's Bull-Dog Sauce, it said this morning (8 August)....
Steel Partners, the long-time suitor of Japan's Bull-Dog Sauce Co., is mulling whether to fight on its bid to buy the company, the US hedge fund told just-food this morning (7 August)....
Bull-Dog Sauce Co. has begun putting its "poison pill" takeover defence into place in a bid to stave off US hedge fund Steel Partners, a hostile bidder for the company....
US hedge fund Steel Partners is refusing to back down in its bid to buy Japan's Bull-Dog Sauce Co....
The US hedge fund looking to buy Bull-Dog Sauce Co. has lost an appeal to block the Japanese company from putting anti-takeover measures into place....
US hedge fund Steel Partners has refused to throw in the towel in its bid to buy iconic Japanese sauce producer Bull-Dog Sauce Co....
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