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Sembcorp won't launch voluntary tender offer for Cascal before May 21Janice TeoSINGAPORE: Sembcorp will not launch the voluntary tender offer or VTO for Cascal before May 21.
This is in light of the US court's decision to conduct a hearing on the legal action brought by Cascal, in one week's time.
Cascal has also withdrawn its request for a temporary restraining order and/or for a preliminary injunction to stop the launch of the VTO.
The company is claiming that Sembcorp's takeover offer for Cascal violates US securities laws and breach of confidentiality agreements.
The lawsuit by Cascal seeks injunctive relief and recovery of damages.
Sembcorp maintains that it is not in breach of any laws, regulations or contractual obligations in respect of the transaction and remains committed to completing the deal.
The local conglomerate had announced last month that it intends to make an offer to acquire Cascal's outstanding common shares for US$6.75 per share in cash, valuing the firm at US$206 million.
- CNA/jy
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