Bull-Dog Sauce said today (14 June) that it will oppose a lawsuit filed by US investment fund Steel Partners which looks to push through the private equity group’s takeover bid.
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Last month Steel Partners launched a tender offer to acquire 100% of Bull-Dog. The investment group offered JPY1,584 (US$13.05) a share for the iconic sauce manufacturer. However, the company’s management has moved to block the takeover bid, which it maintained is not in the “common interest” of shareholders.
In a defensive move to fend off the attack and dilute Steel Partners’ stake in the company, Bull-Dog plans to issue new shares to all its shareholders except the hostile buyer. Bull-Dog has proposed issuing three equity warrants per outstanding share. The company will not allow Steel Partners, its largest shareholder, to exercise its warrants.
Steel Partners Japan Strategic Fund (Offshore) filed a lawsuit designed to scupper Bull-Dog’s plan with the Tokyo District Court yesterday.
Responding to this fresh attack Bull-Dog said its defensive scheme was “legal and appropriate”, adding in a statement that it “intends to fight” the lawsuit.
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By GlobalDataSteel Partners currently holds a 10.52% stake in the company.
