Sapporo shareholders approve anti-takeover measures

(Corrects day in paragraph five to Thursday, not Wednesday)

(Adds quote from Steel Partners, vote details)

By Sachi Izumi

TOKYO, March 29 (Reuters) - Shareholders of Sapporo Holdings (2501.T), Japan's third-biggest brewer, on Thursday approved the company's defence measures against hostile buyouts, giving it a way to thwart a U.S. hedge fund's takeover attempt.

U.S. fund Steel Partners, which has said it may raise its stake in Sapporo to two-thirds from about 19 percent, had urged shareholders to vote against the defence scheme, which allows the brewer to issue equity warrants if an unwanted bidder takes 20 percent of its voting rights.

Sapporo said more than two-thirds of its shareholders voted for the company's defence measures.

"While we are disappointed that the proposed advance warning system has been approved, we are extremely pleased with the large number of shareholders that supported us by voting against the proposal," Warren Lichtenstein, managing partner of the fund, said in a statement.

Sapporo on Thursday scrapped the anti-takeover measures that it implemented last year and replaced them with the new steps, which differ slightly from the previous defence scheme.

The company had said it would use the previous steps, if approved by shareholders, to counter any move by Steel Partners.

If shareholders had rejected the company's newer steps, Sapporo would have been left exposed to a takeover move by the U.S. fund. Japanese media have reported that bigger rivals Asahi Breweries (2502.T) or Kirin Brewery (2503.T) could emerge with a white knight bid for Sapporo, although both companies have said they have no immediate plans to invest in the brewer.

((Additional reporting by Alison Tudor))

((Editing by Malcolm Whittaker; Reuters Messaging: sachi.izumi.reuters.com@reuters.net; +81-3-3432-8587; sachi.izumi@reuters.com)) Keywords: SAPPORO POISONPILL/

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