Sapporo Holdings Ltd. shareholders Thursday voted two-thirds in favor of the company's proposed takeover defense measures.
The move, which will make any takeover of Sapporo much more expensive, now puts the ball in the court of Steel Partners Japan Strategic Fund (Offshore) L.P., the U.S. investment fund bidding for a controlling stake in the nation's third-largest brewery.
"We have gained support from many of our shareholders," Sapporo President Takao Murakami said confidently at a news conference after the annual general shareholders' meeting. "This shows that our passions for contributing to Japan's traditional food culture through our beer products were well received by the shareholders."