Bull-Dog Sauce is to oppose the takeover bid for the company launched by US private equity group Steel Partners.

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Last month Steel Partners launched a tender offer for the iconic sauce manufacturer, offering JPY1,584 (US$13.05) a share for Bull-Dog’s outstanding common stock.


In a statement released today (7 June), Bull-Dog said the Steel Partners bid is not in the “common interest” of shareholders, adding that it would “damage our corporate value”.


Bull-Dog plans to issue three equity warrants per outstanding share. The company will not allow Steel Partners, its largest shareholder, to exercise its warrants.


Before it launched the takeover bid, Steel Partners held a 10.52% stake in Bull-Dog.

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