Steel Sells Sauce Maker Stock After Court Defeat

Nov 28 2007 | 7:38am 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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR