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.
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