Thursday, 28 August 2014
Last updated 13 hours ago
Aug 7 2007 | 1:48pm ET
The sun is setting on activist hedge fund Steel Partner’s battle with a Worcestershire sauce maker in the land of the rising sun.
Japan’s highest court has rejected Steel’s attempt to prevent Bull-Dog Sauce Co. from implementing its poison pill, which will effectively slash Steel’s stake in the company from10% to 3% and put an end to its $260 million takeover bid, Reuters reports.
The Supreme Court of Japan upheld a lower court ruling that corporate management is allowed to discriminate against some shareholders, so long as it has a rational reason for doing so—and characterized the hedge fund as an abusive bidder, to boot. Steel said it would issue a statement tomorrow.
Victory, however, may not be so sweet for Bull-Dog: To defeat the bid, the company will have to issue acquisition rights to all shareholders—who approved the poison pill defense—and buy Steel Partner’s acquisition rights. The company was forced to revise its net forecast for the year ending March 2008 in a big way: It swung from a ¥500 million (US$4.2 million) profit to a ¥980 million (US$8.3 million) loss, due to the buyback.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...