US investment fund Steel Partners has reduced its stake in Bull-Dog Sauce from 5.42% to 4.40%, according to a filing with the Finance Ministry's Kanto Local Finance Bureau.

Steel Partners Japan Strategic Fund (Offshore) L.P. submitted the mandatory filing today (28 November).

Earlier this year, Steel Partners mounted a JPY32.3bn (US$278m) takeover bid for Bull-Dog Sauce but the attempted eventually foundered in August when the Japanese company invoked a "poison pill" defence plan. The fund has made several attempts to acquire the company since 2003.