JAPAN: Steel Partners reduces Bull-Dog stake
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.
Bull-Dog Sauce Co. has revealed that increasing costs and the expense of avoiding a takeover by US hedge fund Steel Partners meant that it racked up a loss in the year ended 31 March....
Steel Partners today (18 April) confirmed that it has sold its stake in Japanese sauce maker Bull-Dog Co, a move that will draw a line under its attempt to seize control of the company....
Steel Partners has continued its charge through the Japanese food industry, this time targeting House Foods in its bid to heighten shareholder value....
Nissin Foods, the Japanese firm, has become the latest company in the country's food industry to receive pressure from US investment fund Steel Partners....
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