steel-partners-sweetens-sapporo-offer

Steel Partners sweetens Sapporo offer

In its latest attempt to secure a larger stake in Sapporo, Steel Partners increases its offer price and reduces its target holding. The move is designed to avoid another Bull-Dog Sauce imbroglio.
March 10, 2008
US-based activist investor Steel Partners has tabled a considerably watered-down proposal to increase its stake in Japanese brewing company Sapporo. Steel Partners now wants to increase its stake to 33% instead of the initial proposal of 66% and has offered an improved price of Ñ875 $8.52 per share.

The new offer comes after Sapporo last month rejected the initial offer of Ñ825 per share for a 66% stake in the company. Steel Partners currently owns 18.6% of Sapporo.

At Sapporo's equity base of 393,971,493 shares, and taking into account Steel Partners' current shareholding in Sapporo, the fund will spend another $494 million to achieve the 33% shareholding it is targeting.

Steel Partners has been...
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