Sembcorp Industries Unit Launches Offer To Buy Cascal Shares

Date : 05/21/2010 @ 7:56AM
Source : Dow Jones News
Stock : Cascal N.V. Common Shares (HOO)
Quote : 6.74  0.0 (0.00%) @ 2:05AM

Sembcorp Industries Unit Launches Offer To Buy Cascal Shares

Cascal N.V. Common Shares (NYSE:HOO)
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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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