U.S. investment fund Steel Partners submitted a set of business improvement measures Thursday to Sapporo Holdings Ltd. that could signal an attempt to reignite the takeover battle for Japan's third-largest brewer.

Among the steps, Steel Partners Japan Strategic Fund, the largest shareholder of Sapporo, is urging the Tokyo-based beer maker to review its underperforming soft drink and restaurant businesses and focus more on its core alcohol and real estate operations.

On the alcohol business, the fund recommended that Sapporo emphasize its premium beer lineup, including Yebisu and restaurant-use beers, rather than continuing with its strategy of trying to target the mass market.

It also urged that Sapporo, which distributes Guinness beer and Smirnoff Ice Vodka in Japan, try harder to expand its overseas operations.

Outside its mainstay business, Steel Partners suggested that Sapporo redevelop and find ways to increase rental income from its lucrative real estate assets.

The suggestion included relocating its head office from Yebisu Garden Place, a pricey real estate locale in Tokyo.

In May, Steel Partners reaffirmed that it would pursue its takeover bid after Sapporo won shareholder approval to take steps to repel the U.S. fund's proposal for taking a controlling stake.