Biwater tenders its 58.4% Cascal stake to Sembcorp

Sembcorp offering to acquire all Cascal common shares in its tender offer at US$6.75 per share.

Sembcorp Industries (Sembcorp) on Monday announced that following the commencement of its wholly owned subsidiary Sembcorp Utilities' tender offer for all of the issued and outstanding common shares of Cascal N.V. (Cascal) on 21 May 2010, Biwater Investments Limited, the majority stockholder of Cascal, has tendered its 17,868,543 shares of Cascal in the tender offer in accordance with the previously disclosed tender offer and stockholder support agreement. This represents approximately 58.4% of the outstanding common shares of Cascal, based on the 30,581,343 shares reported by Cascal to be issued and outstanding as of 31 December 2009, according to a Sembcorp report in PRNewswire.

Sembcorp is offering to acquire all the common shares of Cascal in its ongoing tender offer at a price of US$6.75 per share, provided that at least 80% of the issued and outstanding shares of Cascal on a fully diluted basis are validly tendered and not withdrawn. If at the time of the scheduled expiration of the tender offer, less than 80% of the outstanding common shares of Cascal on a fully diluted basis have been validly tendered and not withdrawn, Sembcorp will reduce the tender offer price to US$6.40 per share. The offer and withdrawal rights will expire at 11:00 a.m. New York City time on 21 June 2010, unless extended.