Waiting period has expired for LS's tender offer for all outstanding Superior Essex shares

By Devika Patel

Knoxville, Tenn., July 21 - LS Corp. and its subsidiary LS Cable Ltd. said the waiting periods for their tender offer for all the outstanding shares of Superior Essex Inc. have expired.

As a result, the only remaining antitrust condition remaining for the $45.00 per share cash tender offer is clearance by the relevant authorities in China.

The review period in China is scheduled to expire at 5:30 a.m. ET on July 31.

The tender offer is scheduled to expire at 5 p.m. ET on July 30, unless extended.

Subject to the timely receipt of the clearance in China and the satisfaction of all other conditions to the tender offer, including the minimum tender condition, LS Corp. said it expects that all Superior Essex shares that have been validly tendered and not withdrawn prior to the expiration of the tender offer will be accepted for payment prior to 9 a.m. ET on July 31.

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.