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Steel Partners exits Japan's Bull-Dog after fight

Thu Apr 17, 2008 10:48pm EDT

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TOKYO, April 18 (Reuters) - U.S. hedge fund Steel Partners, which once tried to acquire Japanese condiment maker Bull-Dog Sauce Co. (2804.T)., has sold its stake in the company, a Bull-Dog spokeswoman said, confirming a media report.

Steel Partners is one of several foreign funds which have put pressure on Japanese companies to improve their investment returns.

After a failed takeover bid by the fund, Bull-Dog's shareholders approved the company's introduction of anti-takeover moves.

Japan's top court in August rejected an appeal from Steel Partners to block the "poison pill" defence taken by Bull-Dog, which could have pushed down Steel Partners' stake in Bull-Dog to less than 3 percent from 10 percent.

The Nikkei business daily reported on Friday that Steel Partners had sold all of its stake in Bull-Dog.

Steel Partners' stake in Bull-Dog had fallen to 4.4 percent in November, according to a document the fund filed to the government, down from 5.4 percent in August. (Reporting by Ritsuko Shimizu. Writing by Junko Fujita;)



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