Warren Lichtenstein's Steel Partners said Monday it has asked Japanese confectioner Ezaki Glico Co. to cut costs, expand overseas businesses and sell cross-shareholdings to boost earnings and investor returns.
The fund sent a 31-page presentation to Osaka-based Ezaki Glico last month, Steel Partners Japan Strategic Fund (Offshore) L.P. said in an e-mail statement. Steel Partners is Ezaki Glico's largest shareholder, with a 14.4 percent stake, according to the statement.
Steel Partners, which has made a series of failed takeover bids in Japan since 2003, has urged companies including brewer Sapporo Holdings Ltd. and wigmaker Aderans Holdings Co. to boost shareholder returns.
While the fund has made money, acquisition attempts have been thwarted as Japanese companies turned to defenses, including poison pills and friendly tieups.
Ezaki Glico shares dropped 3.7 percent to ¥1,162 at the 3 p.m. close Monday in Tokyo, before Steel Partners' statement was released. The stock has gained 6.7 percent this year, compared with the 22 percent decline by the benchmark Topix index.