U.S. hedge fund Steel Partners has sold off its shares in Japanese confectioner Ezaki Glico Co., a report submitted by the fund to the Finance Ministry's Kanto Local Finance Bureau showed Thursday.
Steel Partners Japan Strategic Fund (Offshore) L.P., the Japan unit of the hedge fund, dumped all its shareholdings in Ezaki, due partly to selling in response to the maker's stock buybacks implemented Dec. 17 for ¥1,035 per share.
The U.S. fund had been the largest shareholder in the Osaka-based company, with its stake and holdings jointly owned with other investment funds accounting for 12.31 percent of all outstanding shares in Ezaki as of Sept. 12.