TOKYO– LAWFUEL – The Legal Newswire –Steel Partners Japan Strategic Fund (Offshore), L.P. (“SPJSF”) announced that it has submitted an appeal to the Supreme Court of Japan in connection with its request for a provisional injunction barring Bull-Dog Sauce Co. Ltd. (TOKYO:2804) (the “Company”) from initiating anti-takeover measures aimed at diluting SPJSF’s shareholdings and thwarting SPJSF’s tender offer to shareholders of the Company. The appeal is in response to the Tokyo High Court’s earlier denial of SPJSF’s injunction request. SPJSF’s appeal seeks to prevent the issuance of new shares as a result of the Company’s purchase, or other shareholders’ exercise of the stock acquisition rights (“SARs”) — to be issued by the Company on July 11, 2007. SPJSF asserts that the Company’s SARs scheme represents a discriminatory act against SPJSF in violation of Japan’s Company Law, which stipulates equal treatment of shareholders.
Warren Lichtenstein, manager of SPJSF, commented: “We feel we have no choice but to appeal to the Supreme Court of Japan as Bull-Dog Sauce’s actions breach the principles of shareholder equality. We also categorically dispute the High Court’s characterization of SPJSF as an ‘abusive bidder.’ Our track record as an investor since 2002 clearly shows that SPJSF is a long-term shareholder whose interests are aligned with those of the Company.”
Steel Partners Japan Strategic Fund (Offshore), L.P. is a long-term relationship/active value investor that seeks to work with the management of its portfolio companies to increase corporate value for all stakeholders and shareholders.