Merger of LS Corp., Superior Essex set to close; subsequent offer period ends

By Lisa Kerner

Charlotte, N.C., Aug. 5 - LS Corp. said a total of 18,372,897 Superior Essex Inc. shares were validly tendered and not withdrawn in Cyprus Acquisition Merger Sub, Inc.'s subsequent offer that ended Aug. 4.

Cyprus accepted for payment all shares validly tendered and now owns 92.32% of the outstanding Superior Essex shares, according to an LS Cable news release.

The merger of Cyprus with and into Superior Essex is expected to be complete this week.

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

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

The original tender offer ended July 30, it was previously reported.

"In bringing together LS Cable and Superior Essex, we are establishing an industry-leading global wire and cable competitor," LS Cable vice chairman and chief executive officer Chayol Koo said in the release.

"We have been planning for a seamless integration process that ensures our combined customers will continue receiving outstanding service and world-class products, and we anticipate a smooth transition for our employees and all of our other stakeholders," Koo added.

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