Steel Partners seeks 33% of Sapporo at higher price

TOKYO, March 10 (Reuters) - U.S. fund Steel Partners said on Monday it had issued a new proposal to Japanese brewer Sapporo Holdings (2501.T: Quote, Profile, Research, Stock Buzz), seeking a smaller stake and offering a higher price per share.

It is now willing to offer 875 yen per share for a 33.3 percent stake, compared with its February 2007 offer of 825 yen per share for 66.6 percent of the company.

Steel Partners said in a statement that it is seeking talks with Sapporo's board of directors and may be prepared to raise the offer price. (Reporting by Aiko Hayashi; Editing by Edwina Gibbs)