News

JAPAN: Sapporo rejects Steel Partners takeover move

Most popular

COVID is opening up aged spirits to a new world

How COVID has changed consumers' shopping habits

Pernod Ricard Performance Trends 2016-2020 - data

PepsiCo's Driftwell launch a seachange for drinks

how big were online sales in lockdown? - analysis

MORE

Sapporo Holdings has turned down a takeover bid from US private equity group Steel Partners.

The Japanese company, which has been the subject of a stake increase bid from Steel for the best part of a year, said yesterday (26 February) that the move would be "highly likely to damage the interests of our shareholders".

Steel was charged by Sapporo with failing to detail its plans for the future management of the company. Steel has said, when it made the takeover offer earlier this month, that it would retain the existing management.

Protracted discussions between Sapporo and Steel began when the US company looked to up its stake in Sapporo from 17% to 66.6%. As part of this process, Sapporo asked Steel in September for further information about its stake increase intentions.

Sapporo's shareholders approved an advanced warning system (AWS) last year, designed to protect the company from a hostile takeover. The AWS allows the Japanese company to ask questions of any organisation which is trying to markedly up its holding in Sapporo, while also issuing new shares to dilute the bidder's stake, if it opposes the move.


Related Content

"We are in the beer business, we're not in the banker business" - Interview, Sapporo Holdings presid...

Premium allure tempts Sapporo back to China with Anheuser-Busch InBev

Premium allure tempts Sapporo back to China with Anheuser-Busch InBev...

ForEx hampers international, but Japan stays strong for Sapporo Holdings in year-to-date - results

ForEx hampers international, but Japan stays strong for Sapporo Holdings in year-to-date - results...

Sapporo Holdings chases standalone Pilsner Urquell deal with Anheuser-Busch InBev - just-drinks EXCLUSIVE

Sapporo Holdings chases standalone Pilsner Urquell deal with Anheuser-Busch InBev - just-drinks EXCL...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?