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More on Steel Partners and Bull-Dog: A hostile takeover bid or a much needed hostile wake-up call?

May 23, 2007
By Ken Worsley


I promise to write more on this tomorrow. For now, just a quick spot concerning Steel Partners’ recent announcement of a tender offer to acquire a 100% stake in the Bull-Dog sauce company.

At a press conference last Friday, Bull-Dog Senior Managing Director Masaomi Tamiya had this to say:

Why us? The bid has been launched without prior notice to us…We are upset that we have found ourselves suddenly at crossroads after our 105 years [operating]…We want to know Steel Partners’ real intention…we did not expect anyone would want to buy [Bull-Dog].

I’m not sure how to say this politely, but…with all due respect, Bull-Dog executives: Your risk management sucks. And, you just managed to tell the entire world.

Jimmy Carter’s none too popular at the moment, but he’s still the man who said, “Stop crying and start sweating.”

The wake-up call has been placed.

Filed Under Barbarians at the Gate, M&A, Media 

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Comments

One Response to “More on Steel Partners and Bull-Dog: A hostile takeover bid or a much needed hostile wake-up call?”

  1. Mike T on May 23rd, 2007 2:22 pm

    More on Steel Partners and Bull-Dog: A hostile takeover bid or a much needed hostile wake-up call?

    Or both? I thought the cross-holdings system was set up to prevent this?

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