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February 7, 2008 |
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SAPPORO HOLDINGS: Likely to Reject Steel Partners TakeOver Bid Sapporo Holdings Ltd. is likely to turn down a takeover bid from Steel Partners Japan Strategic Fund (Offshore), L.P., Hiroko Nakata at The Japan Times reports. The company's board of directors has refused to engage in talks concerning the proposed sale, to the disappointment of Steel Partners. The board believes a buyout is not to the shareholders best interest, according to its statement. Steel Partners, which holds 17.52% of Sapporo Stake, has asked Sapporo the conditions under which it would consider a takeover bid, the Times relates. Sapporo has until March 5 to decide on Steel Partner's request. Meanwhile, Sapporo's board may launch defensive measures to fight a likely takeover attempt from Steel Partners, the Times says, citing Shunko Muto, a lawyer consulted by Sapporo regarding the proposal. He added that Sapporo may sell real estate for JPY600 billion to improve profits. About Steel Partners Japan Strategic Fund Steel Partners Japan Strategic Fund (Offshore), L.P., is a Cayman Islands-registered fund management subsidiary of Warren Lichtenstein's Steel Partners and the biggest shareholder (18.6% as of Feb. 2007) of Sapporo Holdings. It submitted a proposal to Sapporo seeking approval to raise its stake to 66.6%. Steel Partners Japan Strategic Fund's address is: P.O. Box 2681 GT, Century Yard 4th Floor, Cricket Square Hutchins Drive, George Town Grand Cayman, Cayman Islands British West Indies About Sapporo Holdings Sapporo Holdings Limited -- http://www.sapporoholdings.jp/ -- formerly known as Sapporo Breweries, brews beer and operates more than 200 beer halls and restaurants. Sapporo is one of Japan's oldest brewers, and is Japan's third largest brewing company, with brews ranging from its flagship Black Label to the pricier Yebisu. Sapporo also makes the low-malt happoshu brew. The company sells Guinness beer in Japan through its Sapporo Guinness Company and owns a beverage company that makes canned coffee, bottled water, and soft drinks. * * * As of May 16, 2007, the company carries Standard & Poor's Rating Service's 'BB' Long-Term Foreign Issuer Credit and Long-Term Local Issuer Credit Ratings that were issued on Feb. 6, 2006; and Fitch Ratings' 'B' Short-term Foreign and Local Currency Issuer Default Ratings that were issued on March 14, 2006. |
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