Sapporo Holdings Ltd. said Monday its panel judged that U.S. hedge fund Steel Partners Japan's proposal to take over the nation's third-largest brewery could seriously harm its shareholders' interests.
The recommendation by the panel is likely to lead Sapporo to formally turn down the buyout proposal by Steel Partners Japan Strategic Fund, the U.S. fund's Japan unit.
"The buyout is highly likely to hurt Sapporo Holdings' corporate value and it would be extremely harmful to the common interests of its shareholders," the panel said in a statement.