Sapporo Holdings Ltd., the target of an unwanted takeover bid by U.S. hedge fund Steel Partners Japan Strategic Fund (Offshore) LP, asked the fund Thursday to provide more information on its buyout offer.
The request by Sapporo is comprised of more than 30 questions, including requests for detailed information about their past investment record, the conditions of the planned acquisition and the postacquisition business plan.
Sapporo made the request based on defense measures it had adopted in February 2006 that stipulate that the brewer will seek information from a bidder by issuing a list of questions within 10 working days after a bid is made so a fair judgment can be reached.