Bull-Dog Sauce Co. executed its takeover defense Thursday against Steel Partners, becoming the first company in Japan to carry out a poison pill maneuver.
Bull-Dog allocated new shares to all its shareholders except Steel Partners so the value of the U.S. hedge fund's stake in the Tokyo-based condiment maker can be diluted.
As a result, Steel Partners' stake in Bull-Dog has been effectively slashed to less than 3 percent from about 10 percent.