Bull-Dog Sauce has asked a Japanese court to ensure the legality of an upcoming shareholder vote on the company’s plans to block a takeover bid from private equity group Steel Partners.
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The Japanese sauce maker has requested Japanese courts appoint an examiner to ensure that procedures at the shareholders’ meeting are legal.
“Our company has asked the Tokyo District Court to appoint an examiner under Article 308 of the Corporate Law to investigate procedures we have taken to convene this shareholders’ meeting as well as methods the shareholders will use to pass resolutions,” Bull-Dog Sauce said today (8 June).
Shareholders will vote on measures proposed by management to repel a hostile takeover bid from US private equity group Steel Partners.
Bull-Dog said that it requested the court’s oversight to ensure that it could not be accused of wrong-doing in the future.
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