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March 31, 2008 |
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SAPPORO HOLDINGS: Shareholders Vote to Retain Defense Measures Sapporo Holdings Ltd., won investor approval to renew anti-takeover measures as Warren Lichtenstein's Steel Partners Japan Strategic Fund (Offshore) LP seeks to raise its stake, reports Maki Shiraki of Bloomberg News. Jingo Kikuchi, Sapporo's spokesman conveyed to Bloomberg, that shareholders voted on March 28, to retain the plan allowing Sapporo to dilute the holding of a hostile bidder. The renewal of the defense measures bolsters Sapporo's position as it starts talks on Steel Partners' revised offer of JPY875 per share, to increase its holding to 33.3% from 19%, relates Bloomberg. In February, Sapporo rejected Steel Partners' JPY155 billion bid to take a majority stake, saying it would harm shareholder interests, notes Bloomberg. 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. * * * The company still carries Standard & Poor's Rating Service's 'BB' Long-Term Foreign Issuer Credit and Long-Term Local Issuer Credit Ratings that were issued on February 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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