Tokyo High Court Upholds Decision Against Steel Partners
July 9, 2007
By Ken Worsley
On June 28, the Tokyo High Court rejected a petition from Steel Partners requesting that an injunction be placed against the Bull Dog sauce company, in order to bar it from issuing equity warrants as part of a ‘poison pill’ plan intended to dilute Steel Partners’ holdings in the company.
Steel Partners appealed that ruling immediately, and this afternoon it was announced that the court sided once again with Bull Dog. Steel Partners has still not withdrawn its takeover bid.
Filed Under Barbarians at the Gate, M&A, Steel Partners
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Not much of a surprise here. Anyone see it’s price chart today? The issue dipped below 500 yen a share. It looks like trading is halted on Bull Dog now until they get out the equity warrants.