A U.S.-based investment fund, Steel Partners, made a takeover bid for Sapporo Holdings, owner of Sapporo Brewery.

Another Japanese Brewery, Asahi Breweries launched a counter proposal and others seem to be jockeying for position.

Asahi and Kirin Brewery Co. have nearly equal market shares of 37% in Japan with Kirin just. 0.2% behind.

If Asahi gets Sapporo, Asahi claims a huge lead…and vice versa.

Sapporo Brewery's market share is a distanct third at 12.9%. Still, if either Asahi or Kirin gets the northern island brewery, they will be able to claim 50% market share.

Additionally, whoever gets Sapporo also gets more power in price negotiations with supermarkets and other retailers.

Asahi and Sapporo have the same roots: the former DaiNippon Beer Co. But they split in 1949.

Sapporo people do not want to be bought up by their former junior rival, it is said.

Number four, Suntory Ltd is also a possible fourth contender.

At any rate, everyone watching is yelling for another round until the fight really starts.

Which beer is your favorite?