Warren Lichtenstein's Japanese fund on Tuesday lost its appeal against a Tokyo High Court ruling that said Bull-Dog Sauce Co.'s takeover defense was lawful, according to Kenichi Sadaka, the Andersen Mori lawyer representing the fund.
The Supreme Court decision follows a July 9 high court ruling that called Steel Partners Japan Strategic Fund (Offshore) LP an "abusive acquirer."
The high court was denying the fund's appeal of a lower court decision allowing Tokyo-based condiments maker Bull-Dog to dilute the U.S. firm's stake.