
Sembcorp: We did not breach any law in Cascal bid
Sembcorp's statement was in response to Cascal's filing of legal proceedings in the New York District Court as the US-listed Dutch water company seeks recovery of damages.
A PRNewswire release said, "The Board of Directors of Cascal rejects Sembcorp's proposal as unacceptable and coercive, and recommends that Cascal common shareholders take no action to respond to a below market tender that Sembcorp Industries Ltd, a wholly owned subsidiary of Sembcorp Utilities Pte Ltd, said it intends to make."
Sembcorp had previously announced its acquisition of 17,868,543 Cascal shares through a tender offer and stockholder support agreement with Biwater Investments Limited.