May 23, 2007 / 9:51 AM / in 11 years

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    

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