JAPAN: Sapporo investor opposes takeover plan
The largest shareholder in Sapporo Holdings has taken issue with the Japanese group's plans to avoid a hostile takeover, according to local reports.
Kyodo News said yesterday (1 February) that US-based Steel Partners Japan Strategic Fund (Offshore) has asked Sapporo to abandon the package of measures. Steel Partners, which holds a 17.5% stake in the company, voiced its concerns earlier this week.
Sapporo's package, approved by directors in February last year, requires any company hoping to acquire 20% or more of voting rights to submit a report detailing the purpose of the bid. Failure to do so would allow Sapporo to issue new shares to make the bid less attractive.
The news service cited informed sources, who claimed that Steel Partners objects to the package and wants Sapporo's board to gain shareholder approval first.
Japanese brewers Sapporo, Asahi, Kirin, Suntory and Orion have shown a second straight month of year-on-year decreases in beer shipments, according to reports....
Steel Partners has warned Sapporo Holdings that its 'advanced warning system' (AWS) is being used in an "inappropriate" manner to ward off attempts by the company to buy the Japanese firm....
Brick Brewing Co. has made itself available to purchase....
Sapporo Holdings posted a net loss for the first quarter, as a result of increased costs on product advertising, but losses at the Japanese brewer have narrowed from the first quarter of 2006....
A survey of the top brewers in Japan has shown total beer and quasi-beer shipments were flat in the first three months of this year....
Shareholders in Sapporo Holdings have approved the Japanese company's anti-takeover measures, according to local reports....
Sapporo Holdings has reportedly repeated its belief that its plan for fresh takeover defence measures will not erode shareholder value....
US private equity firm Steel Partners is lobbying Sapporo Holdings shareholders to reject a proposed 'advance warning system' against potential takeover bids for the Japanese company....
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