Sembcorp Industries: To Its File Defense In US Court On Cascal Bid
May 11 2010 - 9:05PM
Dow Jones News
Sembcorp Industries Ltd. (U96.SG) said Wednesday that it will
file its defense against Cascal N.V. (HOO), which has sought a
"temporary restraining" order from a U.S. court to stop the
Singapore company from making a voluntary offer for the New
York-listed wastewater company.
"The U.S. court has scheduled a hearing on Cascal's request for
a temporary restraining order for May 12, and Sembcorp will file
its defense to the request for a temporary restraining order in
advance of the court hearing," Sembcorp said in a filing to the
Singapore Exchange.
In April, Sembcorp announced an offer to buy all the shares of
Cascal for US$206 million. The offer came after Cascal's majority
shareholder Biwater Investments Ltd. agreed to sell its 58.4% stake
in the wastewater company to Sembcorp Utilities, a unit of Sembcorp
Industries.
On its part, Cascal board rejected Sembcorp's offer saying it
was "unacceptable and coercive". Cascal filed a lawsuit, claiming
the Singapore-based company violated U.S. Securities laws and
breached confidentiality agreements. The lawsuit sought injunctive
relief and recovery of damages.
"The company continues to be of the position that we are not in
breach of any laws, regulations or contractual obligations in
respect of the transaction," Sembcorp said Wednesday.
-By P.R. Venkat, Dow Jones Newswires; +65 64154 152;
venkat.pr@dowjones.com
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