LS Cable Agrees to Acquire Superior Essex (SPSX) for $45/Share
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LS Cable Ltd. and Superior Essex Inc. (NASDAQ: SPSX) today announced that they have signed a definitive agreement for LS Cable to acquire Superior Essex for $45 per share in cash, representing a 50% premium over Superior Essex's year-to-date average closing price. The per share value implies a total equity value of $900 million.
LS Cable expects to commence the tender offer on July 1, 2008, the day it completes its previously announced internal corporate reorganization and changes its name to LS Corp. The expiration date of the tender offer will be July 31, 2008, unless extended.
Superior Essex, Inc. manufactures and supplies wire and cable products for the communications, energy, automotive, industrial, and commercial/residential end-markets in Europe, North America, and the Asia Pacific.
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