JAPAN: Sapporo stands firm on takeover defence

By just-drinks.com editorial team | 14 March 2007

Sapporo Holdings has reportedly repeated its belief that its plan for fresh takeover defence measures will not erode shareholder value.

The Japanese brewer and soft drinks group plans to write to some 35,000 shareholders to explain why it hopes to adopt the measures, local reports said today (14 March).

Sapporo will also urge its investors to back its "poison pill" proposal when it comes up for approval at a shareholder meeting on 29 March.

On Monday, US private equity firm Steel Partners urged shareholders to reject the plans, which require any company hoping to secure at least 20% of the voting rights in Sapporo to submit a report detailing the purpose of its bid.

Last month, Steel Partners proposed a plan to raise its stake in Sapporo from 17.52% to 66.6%, although it also indicated that it may sell its shares should an attractive offer emerge.

Sectors: Soft drinks, Water

Companies: Sapporo