Steel Partners today (18 April) confirmed that it has sold its stake in Japanese sauce maker Bull-Dog Co, a move that will draw a line under its attempt to seize control of the company.

A representative for the New York-based hedge fund confirmed to just-food that it sold its shares in the Japanese food group, but declined to comment further as the fund “does not comment on individual investments”. 

The fund held about 4.4% of Bull-Dog’s outstanding shares as of last November.

In May last year, Steel Partners launched a hostile takeover bid for Bull-Dog. 

However, Japan’s Supreme Court ruled that Bull-Dog could implement takeover defenses. The company was then free to issue additional share capital – a “poison pill” that diluted Steel Partners’ holdings in the company and blocked the takeover bid.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Steel Partners, meanwhile, has targeted other Japanese food companies – including Nissin Foods and candy maker Ezaki Glico – that it believes can be pressured into improving their trading performance and increasing returns to shareholders.