Cascal Voluntarily Withdraws its Complaint Against Sembcorp
SINGAPORE, May 26 /PRNewswire-Asia/ -- Sembcorp Industries Ltd (the Company) would like to provide an update on the legal action commenced by Cascal N.V. (Cascal) in the United States in connection to the voluntary tender offer for the common stock of Cascal launched on May 21, 2010.
On May 25, 2010, Cascal voluntarily withdrew its complaint against Sembcorp, without prejudice. This follows the decision by the United States District Court for the Southern District of New York on May 19, 2010 to deny Cascal's motion for a preliminary injunction to stop Sembcorp from launching its voluntary tender offer. At the May 19 hearing, the judge concluded, among other things, that based on the record before the court there was no likelihood of Cascal succeeding on its legal claims.
On May 21, 2010, Sembcorp commenced its voluntary tender offer to acquire the common shares of Cascal for US$6.75 per share, provided at least 80% of the issued and outstanding shares of Cascal on a fully diluted basis are validly tendered and not withdrawn. The offer and withdrawal rights will expire at 11:00 a.m. New York City time on June 21, 2010, unless extended.
ABOUT SEMBCORP INDUSTRIES
Sembcorp Industries is a leading energy, water and marine group. With facilities with over 3,800 megawatts of power capacity and over four million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to customers in Singapore, the UK, China, Vietnam, the UAE and Oman.
Aside from its energy and water business, the Sembcorp Industries Group also encompasses a world leader in marine & offshore engineering, as well as an established provider of environmental services and developer of integrated townships and industrial parks. The Group has total assets of over S$9 billion and employs more than 6,700 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index and several MSCI indices.
Note to Editors:
Following a company rebrand, please refer to the company as "Sembcorp" (with "S" in upper case and "c" in lower case), or "Sembcorp Industries" in full. Please also note that "Sembcorp" is not an abbreviation of "Sembawang Corporation" but a brand name in itself, and it is therefore incorrect to refer to our company as "Sembawang", "Sembawang Corporation" or similar.
For media and analysts queries please contact:
For Singapore
Ng Lay San (Ms)
Vice President
Group Corporate Relations
Tel: +65-6723-3150
Email: [email protected]
Fock Siu Ling (Ms)
PR Counsel
Group Corporate Relations
Tel: +65-6723-3152
Email: [email protected]
Lim Yuan See (Ms)
Associate Director, Singapore
Kreab Gavin Anderson
Tel: +65-6339-9110
Email: [email protected]
For US
Richard A. Mahony (Mr)
Managing Partner, New York
Kreab Gavin Anderson
Tel: +1-212-515-1960
Email: [email protected]
For UK
Natalie Biasin (Ms)
Associate Director, London
Kreab Gavin Anderson
Tel: +44-20-7074-1864
Email: [email protected]
SOURCE Sembcorp Industries Ltd
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