Tokyo High Court Permits First Exercise of Poison Pill
July 25, 2007, 12:00 AM EDT
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.
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.