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Viewing cable 08TOKYO546, SAPPORO REJECTS STEEL PARTNERS TAKEOVER BID

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Reference ID Created Released Classification Origin
08TOKYO546 2008-02-29 09:36 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Tokyo
VZCZCXRO0912
OO RUEHFK RUEHKSO
DE RUEHKO #0546 0600936
ZNR UUUUU ZZH
O 290936Z FEB 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC IMMEDIATE 2153
INFO RUEHBJ/AMEMBASSY BEIJING 1962
RUEHFR/AMEMBASSY PARIS 6002
RUEHUL/AMEMBASSY SEOUL 8024
RUEHFK/AMCONSUL FUKUOKA 6396
RUEHHK/AMCONSUL HONG KONG 6460
RUEHOK/AMCONSUL OSAKA KOBE 0064
RUEHKSO/AMCONSUL SAPPORO 7001
RUEHBS/USEU BRUSSELS
RUEHGV/USMISSION GENEVA 3260
RUEHIN/AIT TAIPEI 6912
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUEATRS/TREASURY DEPT WASHDC
RUEAWJA/JUSTICE DEPT WASHDC
UNCLAS TOKYO 000546 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
DEPT FOR EAP/AMBASSADOR HASLACH 
ALSO FOR EAP/J AND EEB/IFD/OIA/KAMBARA 
DEPT PASS USTR FOR BEEMAN 
USDOC FOR 4410/ITA/MAC/OJ/NMELCHER 
JUSTICE FOR ANTITRUST DIVISION - CHEMTOB 
TREASURY DEPT FOR IA/CARNES AND POGGI 
GENEVA FOR USTR 
 
E.O. 12958: N/A 
TAGS: EINV ECON OECD JA
SUBJECT: SAPPORO REJECTS STEEL PARTNERS TAKEOVER BID 
 
REF: A. TOKYO 324 
 
     B. TOKYO 408 
 
Sensitive but Unclassified.  Contains Proprietary Information 
 
1.  (U) Sapporo Holdings, Ltd.'s board of directors February 
26 announced it had rejected U.S.-based investment fund Steel 
Partners' $1.4 billion tender offer to acquire 66.6 percent 
of the company's shares.  The board's announcement did not 
signal whether the company intended to implement formal 
takeover defense measures to dilute Steel's 19 percent stake 
in the company, Japan's third-largest beer and beverage 
maker.  Sapporo's board based its decision on a February 5 
report by a company-appointed advisory committee that 
concluded Steel's offer was "not in the best interests of the 
company or its shareholders" (Ref A).  Sapporo's shares were 
trading February 29 around 800 yen, three percent below 
Steel's bid of 825 yen per share. 
 
2.  (SBU) Steel Partners has not yet responded publicly to 
the board's announcement, but the fund had been clearly 
angered by the advisory committee's report, which claimed 
Steel had not provided sufficient information about its plans 
for the company after acquiring control.  The report also 
charged the fund with secretly planning a two-stage "squeeze 
out" takeover that could result in financial damage to 
minority shareholders.  A February 13 letter from Steel's 
Managing Partner to the Sapporo advisory committee refuted 
the charges by noting that Steel, at Sapporo's request, had 
submitted in December 2007 a 125-page plan on how to enhance 
the firm's corporate value that set out Steel's long-term 
strategic vision for the company.  The letter also reminded 
the committee the fund had given repeated written assurances 
that, if it decided to go ahead with a bid for the entire 
company, it would offer the remaining shareholders a price no 
less favorable than its current bid.  One of Steel Partners' 
executives told Econff February 23 that the fund believes 
Sapporo never intended to negotiate seriously with Steel and 
was only using its "advance warning system" defense as a 
delaying tactic. 
 
3.  (SBU) Unless Sapporo takes measures that dilute Steel's 
shareholdings, the fund's legal options seem limited.  In our 
view, if it wishes to pursue the takeover bid, it would 
probably need to seek support directly from shareholders by 
means of a proxy fight before the company's June annual 
general meeting. 
SCHIEFFER