FACTBOX-Steel Partners places big bet on corporate Japan

TOKYO, May 23 (Reuters) - U.S. hedge fund Steel Partners said
on Wednesday it will launch a tender offer for all the shares of
Japanese circular saw maker Tenryu Saw Manufacturing Co. Ltd.
(5945.Q) it does not already own.

The move came soon after Steel Partners launched last week a
tender offer for all shares of sauce maker Bull-Dog Sauce Co.
Ltd. (2804.T), adding to the $2.8 billion already invested in
corporate Japan.

The fund plans to offer 4,945 yen per Tenryu Saw share. Its
tender offer will run from May 24 to July 4.

The fund is the largest shareholder in Tenryu Saw, owning
9.04 percent of the company's shares with voting rights as of May
23.

According to filings, Steel Partners has spent 337 billion
yen to take a stake of more than 5 percent in 30 Japanese
companies.

Its biggest holdings are in wig and hairpiece maker Aderans
Co. (8170.T) (24.69 percent), stage mechanism and amusement park
ride maker Sansei Yusoki Co. (6357.OS) (24.57 percent) and brewer
Sapporo Holdings Ltd. (2501.T) (17.96 percent), according to the
latest filings available.

Earlier this month, Steel Partners asked confectioner Ezaki
Glico Co. (2206.T) 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.
(9934.T), antenna maker Denki Kogyo Co. (6706.T) and medical
equipment firm Fukuda Denshi Co. (6960.Q).

Since April, a series of companies including Nissin Food
Products Co. Ltd. (2897.T) have adopted poison pill measures to
defend themselves from future unsolicited take-over bids.

The following is a list of companies in which the fund has
stakes, including holdings by a group firm. That is followed by a
list of proposals made by Steel Partners.
COMPANY STAKE AMOUNT INVESTED

(%) (BLN YEN)
Aderans Co. (8170.T) 24.69 29.18
Sansei Yusoki Co. (6357.OS) 24.57 4.50
Sapporo Holdings Ltd. (2501.T) 17.96 32.36
Takada Kiko Co. (5923.T) 17.90 1.83
Noritz Corp. (5943.T) 16.50 15.48
Ezaki Glico Co. (2206.T) 14.44 20.65
Fukuda Denshi Co. (6960.Q) 14.09 10.06
Yushiro Chemical Industry Co. (5013.T) 13.69 2.05
Nissin Food Products Co. (2897.T) 13.67 61.72
Nihon Tokushu Toryo Co. (4619.T) 13.38 1.69
Maruichi Steel Tube Ltd. (5463.T) 13.23 27.03
Nakakita Seisakusho Co. (6496.OS) 13.05 1.77
Chuo Warehouse Co. (9319.OS) 11.19 2.31
Citizen Watch Co. (7762.T) 10.52 39.26
Bull-Dog Sauce Co. (2804.T) 10.15 1.82
Denki Kogyo Co. (6706.T) 9.84 3.29
Hisaka Works Ltd. (6247.T) 9.73 2.59
New Cosmos Electric Co. (6824.Q) 9.25 1.41
Brother Industries Ltd. (6448.T) 9.19 29.73
Shofu Inc. (7979.OS) 8.14 0.84
House Foods Corp. (2810.T) 7.94 12.28
Inaba Denkisangyo Co. (9934.T) 7.09 4.41
Ishihara Chemical Co. (4462.OS) 6.77 0.80
Kaneshita Construction Co. (1897.OS) 6.61 0.99
Kikkoman Corp. (2801.T) 5.65 11.14
TTK Co. (1935.T) 5.82 0.53
Miraca Holdings Inc. (4544.T) 5.33 4.86
Hi-Lex Corp. (7279.OS) 5.29 3.60
Nisshinbo Industries Inc. (3105.T) 5.04 8.37
-- Aderans Co. (8170.T)
Asked not to adopt poison pill measures at shareholder meeting.
-- Sansei Yusoki Co. (6357.OS)
Proposed raising its stake to 28 percent.
-- Sapporo Holdings Ltd. (2501.T)
Proposed raising its stake to 66.6 percent
-- Bull-Dog Sauce Co. (2804.T)
Launched a tender offer to acquire all of its shares
COMPANY ASKED DIVIDEND PAYMENT COMPANY ANSWER
Ezaki Glico Co. (2206.T) 30 yen 15 yen
Fukuda Denshi Co. (6960.Q) 180 yen 80 yen
Denki Kogyo Co. (6706.T) 55 yen 40 yen
Brother Industries Ltd. (6448.T) 50 yen 20 yen
Inaba Denkisangyo Co. (9934.T) 244 yen 115 yen
TTK Co. (1935.T) 43 yen 30 yen