Steel Sells Sauce Maker Stock After Court Defeat

Nov 28 2007 | 8:38am ET

Defeated in its bid to take over the Japanese condiment maker, activist hedge fund Steel Partners has begun to sell its reduced stake in Bull-Dog Sauce.

In Japanese regulatory filings, the New York-based hedge fund revealed that it has cut its stake in the Worcestershire sauce maker from 5.42% to 4.4% since August, when the Japanese Supreme Court rejected its bid to prevent Bull-Dog from implementing its poison pill provision. That move diluted Steel’s stake in the sauce maker from 10.52%, though it forced Bull-Dog to pay the hedge fund ¥2.1 billion (US$19.4 million) and sent the company to a ¥1.9 billion (US$17.6 million) loss in the six months through September.

But Steel is not giving up on activism in Japan, despite its defeat and the more recent setback suffered by Britain’s Silchester International Investors in its bid to stop a Japanese auto parts retailer from issuing new convertible bonds.

The firm is also trying to raise its stake in Japanese brewer Sapporo Holdings from 17.5% to 66%, and is the largest shareholder of frozen food maker Katokichi.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...