Tokyo, June 7 - Bull-Dog Sauce will propose issuing equity warrants at its shareholder meeting later this month to counter a takeover bid by U.S. hedge fund Steel Partners.
Bull-Dog Sauce also said on Thursday it was opposed to the tender offer launched last month by Steel Partners, which aims to snap up all shares in the Japanese sauce maker as part of its efforts to squeeze investor returns from Japanese firms.
A string of Japanese companies including Nissin Food Products Co. Ltd. have adopted poison pill measures since April to defend themselves against unsolicited takeover bids.
Earlier last month, Steel Partners asked confectioner Ezaki Glico Co. to triple its planned dividend. Ezaki Glico responded by raising it 50 percent.
Steel Partners, run by Warren Lichtenstein, announced similar proposals in April to trading house Inaba Denkisangyo Co. Ltd., antenna maker Denki Kogyo Co. and medical equipment firm Fukuda Denshi Co.
The Tokyo Stock Exchange halted trade in Bull-Dog Sauce in the afternoon.