JAPAN: Sapporo quizzes US hedge fund on takeover bid
Sapporo Holdings has reportedly asked US private equity firm Steel Partners for more information on its potential takeover bid for the Japanese brewer.
Steel Partners has proposed a plan to raise its stake in Sapporo from 17.52% to 66.6% but has indicated that it may in fact sell its shares should an attractive offer emerge.
According to a Reuters report yesterday (1 March), Sapporo, Japan's third-largest brewer, said it has given Steel Partners a questionnaire to deduce more information on its bid.
Sapporo has asked for information including the purpose and method of its tender offer and its plans for the management of the company, the report said.
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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