Steel Partners, the long-time suitor of Japan’s Bull-Dog Sauce Co., is mulling whether to fight on its bid to buy the company, the US hedge fund told just-food this morning (7 August).
Earlier today, Steel Partners received a setback after Japan’s Supreme Court backed previous rulings and dismissed the fund’s appeal against Bull-Dog’s so-called “poison pill” tactics that were drawn up to prevent a takeover.
Bull-Dog has repeatedly rebuffed Steel Partners’ attempts to buy the company, in which the US hedge fund holds a 10.52% stake.
Last month, Bull-Dog said it would enact its “poison pill” strategy and allow all shareholders, except to Steel Partners, to buy new shares, a move designed to dilute the fund’s stake.
Steel Partners had previously hit out at Bull-Dog’s strategy, labeling it a “discriminatory act”.
After receiving notice of the Supreme Court ruling, a spokesperson for Steel Partners told just-food: “We haven’t completely analysed [the ruling] yet so it is difficult to comment.” She added that the fund could still yet launch a further appeal and said an announcement would be made in due course.