LS Cable, Superior Essex proceed in merger

July 11, 2008
July 11, 2008 -- LS Cable has commenced a tender offer for all the outstanding shares of common stock of Superior Essex, pursuant to June 11, 2008, the date LS Cable signed a definitive merger agreement to acquire Superior Essex.

July 11, 2008 -- LS Cable Ltd., a wire and cable manufacturer with headquarters in Korea, recently announced that its indirect subsidiary, Cyprus Acquisition Merger Sub, Inc., has commenced a tender offer for all the outstanding shares of common stock of Superior Essex Inc., at a purchase price of $45.00 per share in cash. The transaction implies a total equity value for Superior Essex of approximately $900 million or a total enterprise value of about $1.2 billion, including indebtedness.

The offering price represents a premium of approximately 50% over the year-to-date average closing price of Superior Essex common stock prior to June 11, 2008, the date LS Cable and Superior Essex signed and announced a definitive merger agreement for LS Cable to acquire Superior Essex. The combination of companies is expected to create a wire and cable industry leader with capabilities in power cable, magnet wire, communications cable and copper rod products.

The board of directors of Superior Essex has approved the merger agreement and determined that the transactions are fair to, and in the best interests of, Superior Essex stockholders. The Superior Essex board recommends that stockholders tender their shares pursuant to the tender offer.

The tender offer is subject to the tender of a majority of the outstanding shares of Superior Essex, as well as the receipt of certain regulatory approvals and other customary conditions. The tender offer is not subject to a financing condition, and will expire at 5:00 PM EST on July 30, 2008, unless extended.

As promptly as practicable following completion of the tender offer, subject to the conditions in the merger agreement, the parties will effect a second-step merger in which Superior Essex stockholders who did not tender their shares in the offer will receive the same cash price per share.

On the Web:
www.lscable.com
www.superioressex.com

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