Sembcorp Industries Unit Launches Offer To Buy Cascal Shares
21 May 2010 - 9:56PM
Dow Jones News
Sembcorp Industries Ltd. (U96.SG) said Friday its unit Sembcorp
Utilities Pte Ltd. has launched a tender offer to buy all shares of
New York-listed waste water company Cascal N.V. (HOO).
Sembcorp Utilities will pay US$6.75 a share to Cascal's holders
if at least 80% of the shares are offered by June 21. If a lesser
number of shares are offered, it will pay US$6.40 apiece, Sembcorp
said in a statement.
The move follows a clearance this week from a U.S. court to the
Singapore-based utility to buy Cascal, setting aside objections of
the American company.
In April, Sembcorp Utilities offered to buy Cascal for US$206
million. The offer came after Cascal's majority shareholder Biwater
Investments Ltd. agreed to sell its 58.4% stake to Sembcorp
Utilities.
But Cascal's board rejected the offer saying it was
"unacceptable and coercive." Cascal filed a lawsuit, claiming the
Singapore company violated U.S. Securities laws and breached
confidentiality agreements. The lawsuit sought injunctive relief
and recovery of damages.
-Gaurav Raghuvanshi; Dow Jones Newswires; +65 64154 154;
gaurav.raghuvanshi@dowjones.com
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