LS Cable begins tender offer for Superior Essex

By Lisa Kerner

Charlotte, N.C., July 1 - LS Cable Ltd.'s indirect subsidiary Cyprus Acquisition Merger Sub, Inc. began a $45-per-share cash tender offer for all the outstanding shares of common stock of Superior Essex Inc., it was announced on Tuesday.

Ending date for the offer is 5 p.m. ET on July 30, an LS Cable news release said.

The per-share offer price is a 50% premium over the year-to-date average closing price of Superior Essex common stock prior to June 11, the date the company agreed to be acquired by LS Cable.

Total enterprise value of the deal is about $1.2 billion, including debt.

According to LS Cable, the board of directors of Superior Essex recommends its stockholders tender their shares.

Once the merger is complete, Superior Essex will continue to operate under its current name as a wholly owned subsidiary of LS Cable, maintaining its headquarters in Atlanta and its manufacturing and distribution facilities in the United States, Canada, China, France, Germany, Italy, Mexico, Portugal and the United Kingdom.

It was previously reported that on July 1, LS Cable will complete its internal corporate reorganization and change its name to LS Corp.

In March, LS Cable, a Seoul, South Korea-based cable and wire company, proposed buying Superior Essex for $36 per share.

Superior Essex, a wire and cable manufacturer, announced in June its receipt of the higher offer of $45 per share.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.