MEDIA RELEASE PR39538
US District Court Hears Cascal's Application for Temporary Restraining Order and
Preliminary Injunction to Block Sembcorp From Proceeding With Proposed Tender Offer
LONDON, May 13 /PRNewswire-AsiaNet/ --
Sembcorp Agrees Not to Take Action on Tender Offer Until
Scheduled Court Hearing on May 19, 2010
Cascal N.V. (NYSE: HOO) (The Company) announced today that yesterday
afternoon the United States District Court for the Southern District of New
York heard its application for a temporary restraining order and preliminary
injunction to block Sembcorp from proceeding with its announced tender offer
for Cascal's common shares. At the conclusion of the yesterday's proceedings,
the Court scheduled a hearing on Cascal's injunction motion for May 19, 2010
at 9:30 a.m. Sembcorp voluntarily agreed not to take any action on its
proposed tender offer until after that hearing. Sembcorp further agreed that
any violation of its voluntary agreement to temporarily refrain would be
punishable as a contempt of court.
The Company contends that the tender offer violates United States
securities law, express confidentiality agreements between the parties, and
common law.
--On April 26, 2010, the Board of Directors of Cascal rejected Sembcorp's
proposed tender offer as inadequate, coercive and not in the best interest of
all shareholders.
--On April 30, 2010, Cascal commenced legal action in the United States
District Court for the Southern District of New York claiming violations of
U.S. securities laws and breach of confidentiality agreements. The lawsuit
sought injunctive relief and recovery of damages.
About Cascal N.V.
Cascal provides water and wastewater services to its customers in eight
countries: the United Kingdom, South Africa, Indonesia, China, Chile, Panama,
Antigua and The Philippines. Cascal's customers are predominantly homes and
businesses representing a total population of approximately 4.7 million.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION LEGEND:
SECURITY HOLDERS SHOULD READ CASCAL N.V.'S SOLICITATION/RECOMMENDATION
STATEMENT WHEN IT IS AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION.
INVESTORS MAY OBTAIN THE RECOMMENDATION AND OTHER FILED DOCUMENTS FREE OF
CHARGE AT THE COMMISSION'S WEB SITE (www.sec.gov) AS WELL AS DIRECTLY FROM
CASCAL N.V. BY CONTACTING JEFFREY GOLDBERGER, KCSA STRATEGIC COMMUNICATIONS,
880 THIRD AVENUE, NEW YORK, NEW YORK 10022, +1 212.896.1249,
JGOLDBERGER@KCSA.COM.
Forward-looking statements
This release contains forward-looking statements that are not guarantees
of future performance. There are important factors, many of which are outside
of our control, that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements including:
general economic business conditions, unfavorable weather conditions, housing
and population growth trends, changes in energy prices and taxes,
fluctuations with currency exchange rates, changes in regulations or
regulatory treatment, changes in environmental compliance and water quality
requirements, availability and the cost of capital, the success of growth
initiatives, acquisitions and our ability to successfully integrate acquired
companies and other factors discussed in our filings with the Securities and
Exchange Commission, including under Risk Factors in our Form 20-F for the
fiscal year ended March 31, 2009, filed with the SEC on July 1, 2009. We do
not undertake and have no obligation to publicly update or revise any
forward-looking statement.
Investor Contacts: Media Contact:
KCSA Strategic Communications KCSA Strategic Communications
Jeffrey Goldberger / Marybeth Csaby Lewis Goldberg
+1 212.896.1249 / +1 212.896.1236 +1 212.896.1216
jgoldberger@kcsa.com / mcsaby@kcsa.com lgoldberg@kcsa.com
SOURCE: Cascal N.V.
CONTACT: Investor Contacts: Jeffrey Goldberger, +1-212-896-1249,
jgoldberger@kcsa.com, or Marybeth Csaby, +1-212-896-1236, mcsaby@kcsa.com, or
Media Contact: Lewis Goldberg, +1-212-896-1216, lgoldberg@kcsa.com, all of
KCSA Strategic Communications
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