LS Corp. and LS Cable Announce Antitrust Clearances in Three Countries for Superior Essex Tender Offer
21 Luglio 2008 - 9:52PM
Business Wire
LS Corp. and its subsidiary LS Cable Ltd. announced today that the
relevant antitrust waiting periods have expired or clearances have
been obtained in the United States, Germany and Spain with respect
to their subsidiary�s pending $45.00 per share cash tender offer
for all outstanding shares of Superior Essex Inc. (NASDAQ: SPSX).
As a result, the only remaining antitrust condition of the tender
offer is clearance by the relevant authorities in China. The review
period in China is scheduled to expire at 5:30 AM (New York time)
on Thursday, July 31, 2008. The tender offer is scheduled to expire
at 5:00 PM (New York time) on Wednesday, July 30, 2008, 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. 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withdrawn prior to the expiration of the tender offer will be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 9:00 AM (New York time) on Thursday,
July 31, 2008. The terms and conditions of the tender offer are set
forth in the Offer to Purchase dated July 1, 2008 and the related
Letter of Transmittal. About LS Cable LS Cable, a newly established
and wholly owned subsidiary of LS Corp., is a leading wire and
cable manufacturer with headquarters located in Korea. LS Cable has
3,300 employees and more than 15 manufacturing sites located in 10
countries, with operations on three continents. LS Cable provides a
wide range of power and communications cable solutions for the
energy infrastructure, construction, automotive, railway,
telecommunication and electronic industries. With high, medium and
low voltage power cables, LS Cable meets its customers� demands for
cable and cable systems for power transmission and distribution in
energy infrastructure and related industries. LS Cable also serves
the needs of customers for optical communication, which is the
platform of broadband networks. LS Cable offers various optical
cables and optical fibers of single and multi mode for LAN, access,
long distance and metropolitan networks. LS Cable supplies coaxial
cables, UTP cables and FTTH (Fiber to The Home) solutions for rapid
and massive data transmission. For more information about LS Cable,
please visit www.lscable.com. LS Corp. (formerly know as LS Cable
Ltd.) was founded in Korea in 1962 and it became a listed company
on the Stock Market Division of Korea Exchange (formerly known as
Korea Stock Exchange) in June 1977. As previously announced, on
July 2, 2008, LS Corp. effected an internal corporate structure
change, whereby LS Corp. changed its name from �LS Cable Ltd.� to
�LS Corp.� and transferred the assets and liabilities of its wire
and cable business into a newly established wholly owned subsidiary
named �LS Cable Ltd.� Forward-Looking Statements and Risk Factors
This press release contains certain forward-looking statements with
respect to the completion of the tender offer. Completion of the
tender offer is subject to conditions, including satisfaction of a
minimum tender condition and the receipt of regulatory approvals,
and there can be no assurances that those conditions will be
satisfied and that the tender offer will be completed. By their
nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that will
occur in the future. Forward-looking statements contained herein
are made only as of the date hereof, and we do not undertake to
update these statements to reflect subsequent events or
developments, except as required by federal securities law
including SEC rules.
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