Sembcorp Free to Launch Tender Offer, Cascal's Request for Preliminary Injunction Denied
SINGAPORE, May 20 / NEW YORK, May 19 /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 proposed voluntary tender offer for the common stock of Cascal as announced on April 26, 2010.
On May 11, 2010, Cascal filed a motion for a temporary restraining order and/or for a preliminary injunction to stop the launch of the offer. An initial preliminary hearing was held before the United States District Court for the Southern District of New York on May 12, 2010, during which Cascal withdrew its motion for a temporary restraining order, Sembcorp agreed not to launch the voluntary tender offer before May 21, 2010 and the court set a May 19, 2010 hearing on Cascal's motion for a preliminary injunction.
The matter came before the court again as scheduled on May 19, 2010. After considering all of the evidence presented by the parties, including the sworn declarations of key individuals, the judge hearing the matter concluded, among other things, that based on the record before the court there was no likelihood of Cascal succeeding on its legal claims. The court then denied Cascal's motion for a preliminary injunction and cleared the way for the tender offer to go forward.
The Company is pleased that the court has found no basis for Cascal's claim that the prospective tender offer is in breach of any laws, regulations or contractual obligations and it remains committed to completing the transaction.
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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