Steel Partners Bid for Japan’s Myojo Foods Co. Fails

Steel Partners Japan Strategic Fund (Offshore) L.P. failed in its attempt to buy Myojo Foods Co.

Nissin Food Products offered a higher counter offer.

Myojo is Japan’s fourth largest noodle maker. Nissin is Japan’s biggest instant noodle producer.

Because Nissin made its counter offer, the price of Myojo’s shares went up making Steel Partner’s offer too little.

The end result…Nissin is now an even bigger number one instant noodle maker and Steel Partners, which owns 23% of Myojo can sell off their shares at the higher price and head off to a ramen stand for some freshly made noodles.

So, who won this battle? Nissin who has to take over Myojo or Steel Partners who makes out like a bandit for the substantial increase in value of its share in Myojo?

What do you think?