Warren Lichtenstein's Steel Partners has failed to win control of Bull-Dog Sauce Co., after receiving tenders for just 1.89 percent of the condiments maker's common stock, the fund announced Friday.
Steel Partners Japan Strategic Fund (Offshore) L.P. on Thursday closed the tender offer it launched May 18, thus ending its three-month takeover attempt to buy 100 percent of Bull-Dog's outstanding shares.
The outcome for Steel Partners came as no surprise, after Bull-Dog shareholders voted overwhelmingly in June to back the board's antitakeover steps. The fund also lost a legal challenge to the defenses.