Japanese food group Bull-Dog Sauce has asked for further information from US private equity group Steel Partners regarding its bid to acquire the company.
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Steel Partners, the largest shareholder in Bull-Dog with a 10.15% stake, launched a takeover bid to acquire the remaining shares in the company last week. The hedge fund offered JPY1,584 (US$13.10) per share, a 20% premium on Bull-Dog’s closing price on 14 May, before the proposed buyout was announced.
Having previously resisted the move, the sauce manufacturer today (25 May) softened its stance, requesting further information from Steel Partners before it decides whether to approve the proposal.
Bull-Dog management has requested information on Steel Partner’s experience in the food industry, its record, its plans for “concrete expansion” were a takeover to go through and its reasons for launching a takeover bid.
However, the Japanese sauce maker remained wary. In a statement issued today the group said it had “strong reservations” concerning whether the tender offer would secure corporate value.
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