Bull-Dog Sauce Co. has won a court battle with its hostile suitor, the US private equity group Steel Partners.

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The Tokyo District Court ruled today (28 June) that Bull-Dog could progress with its “poison pill” strategy to ward off a takeover from Steel Partners.


Bull-Dog plans to issue new shares to all its shareholders except Steel Partners, which currently holds a 10.52% stake in the Japanese sauce manufacturer. Under the plan, Bull-Dog aims to dilute Steel Partners’ stake to make it tougher to buy the company.


A spokesman for Steel Partners confirmed that the court had dismissed the private equity group’s move to block Bull-Dog’s plan but declined to comment further.


The spokesman told just-food Steel Partners would issue a statement later today on its response.

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Steel Partners has tabled an offer worth JPY1,700 (US$13.77) a share to buy Bull-Dog, valuing the company at around US$260m.