LS Cable begins subsequent offer for Superior Essex shares

By Lisa Kerner

Charlotte, N.C., July 31 - LS Cable Ltd. subsidiary Cyprus Acquisition Merger Sub, Inc. said a total of 17,290,058 shares, or approximately 86.9%, of Superior Essex Inc.'s outstanding shares were validly tendered and not withdrawn in LS Cable's tender offer ended July 30.

An additional 1,429,016 shares were tendered pursuant to notices of guaranteed delivery, according to an LS Cable news release.

LS Cable noted that all Superior Essex shares validly tendered in the initial offering period have been accepted for payment.

Cyprus' subsequent offering period for all remaining shares of Superior Essex common stock at the same $45-per-share price expires at 5 p.m. ET on Aug. 4, unless extended.

In March, LS Cable, a Seoul, South Korea-based cable and wire company, proposed buying Superior Essex for $36 per share.

Superior Essex, a wire and cable manufacturer, announced in June its receipt of the higher offer of $45 per share.

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