Sembcorp Extends Tender Offer To Acquire Cascal

Sembcorp Industries Ltd (Sembcorp) yesterday announced that on June 18, 2010, a hearing was held on the motion brought by a shareholder of Cascal N.V. (Cascal) (NYSE: HOO) against Sembcorp in the United States District Court for the Southern District of New York, alleging that Sembcorp failed to disclose material information in its tender offer materials in violation of Section 14(e) of the Securities Exchange Act of 1934 and seeking a temporary restraining order or preliminary injunction to stop the closing of its tender offer for all of the issued and outstanding common shares (Shares) of Cascal (the "Offer"). At the hearing before the Honorable Sidney Stein, United States District Judge, the shareholder withdrew its motion for a temporary restraining order to stop the closing of the Offer.
In addition, as disclosed in the Offer to Purchase filed by Sembcorp and its wholly-owned subsidiary, Sembcorp Utilities Pte Ltd (Sembcorp Utilities), the purchase of Shares pursuant to the Offer is contingent upon approval by the South African Competition Commission (the "Commission”).
On June 15, 2010, Cascal filed its merger notification with the Commission. The Commission has an initial 20 business day period from the date of filing to review the merger notification and make a decision, which will expire on July 14, 2010, unless earlier terminated or extended.
Accordingly, Sembcorp today announces that Sembcorp Utilities will extend the expiration date of its Offer for all of the issued and outstanding Shares of Cascal, at a price of US$6.75 per Share if at least 80% of the issued and outstanding Shares of Cascal on a fully diluted basis are validly tendered and not withdrawn (the “80% Condition”). The Offer and withdrawal rights are now scheduled to expire at 5:00 p.m. New York City time on Thursday, July 8, 2010, unless further extended.  The tender offer was previously scheduled to expire at 11:00 a.m. New York City time on Monday, June 21, 2010.
Except for the extension of the tender offer expiration date, all other terms and conditions of the Offer remain unchanged.
Sembcorp also wishes to inform that as of the close of business on Friday, June 18, 2010, 26,741,487 Shares were tendered into and not withdrawn from the Offer, including 205,306 Shares tendered by guaranteed delivery. The 26,741,487 Shares tendered represent approximately 86.88% of the outstanding Shares, after taking into account the 200,000 Shares issued to WAGCAP Advisors LLC and the 30,581,343 Shares reported by Cascal to be issued and outstanding as of December 31, 2009, including 17,868,543 Shares held by Biwater Investments Ltd, the majority stockholder of Cascal. 
The satisfaction of the 80% Condition will be determined at the extended tender offer expiration date, unless further extended.