US private equity group Steel Partners has insisted it has no interest in the day-to-day-running of Japanese takeover target Bull-Dog Sauce Co.
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Steel Partners, which is aiming to acquire 100% of Bull-Dog, outlined its plans after the company’s management demanded answers on the private equity group’s intentions.
Steel Partners, which has set up an investment vehicle, Steel Partners Japan Strategic Fund (SPJSF) to buy Bull-Dog, said today (1 June): “SPJSF made clear that it is not interested in managing the day-to-day operations of the company. The fund’s goal is to be an owner that management welcomes and associates with success, fairness, discipline, empowerment and accountability.”
Bull-Dog received an offer from Steel Partners, the company’s largest shareholder with a 10.15% stake, two weeks ago. The company initially told just-food that it was not seeking a “white knight” intervention from a third party, similar to that pursued by Nissin Food Products in response to a takeover move from Steel Partners last year.
Bull-Dog then asked Steel Partners to shed more light on its plans on its bid to buy the company.
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