Tokyo High Court Permits First Exercise of Poison Pill

Law360, New York (July 25, 2007, 12:00 AM EDT) -- On July 9, the Tokyo High Court rejected an appeal by U.S. investment fund Steel Partners to set aside the “poison pill” rights plan of Bull-Dog Sauce Co. Following that ruling, Bull-Dog issued stock warrants to its shareholders on July 11, making it the first company to exercise a poison pill in Japan.

Bull-Dog adopted a poison pill at its annual shareholder meeting in June, roughly a month after Steel Partners had launched a tender offer for its shares.

Because the rights plan was approved after...
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