Warren Lichtenstein on the Bull Dog Vote

June 24, 2007
By Ken Worsley

After this afternoon’s vote at the Bull Dog shareholders’ meeting, Steel Partners Japan Strategic Fund manager Warren Lichtenstein made the following comments in a written statement issued by the company:

We are disappointed that the proposed “SARs” (stock acquisition rights) have been approved. We believe that this anti-takeover measure will materially harm the Company’s value and question why the Board is using Company assets - that could otherwise be used for the Company’s growth - to oppose a bid by a supportive, long-term shareholder to acquire more shares in the Company. Such a scheme, if allowed to be carried out, would be detrimental to the legal framework of corporate Japan, would weaken international faith in the integrity of the Japanese capital markets and could deter investment in Japanese companies and Japan’s national economy as a whole.

Now all eyes turn to the Tokyo District Court, and whether or not it decides that Bull Dog’s plans are actually legal.

Filed Under Barbarians at the Gate, M&A, Steel Partners