LS Cable Ltd. (006260.KS) Pens $900M Merger Deal with Superior Essex Inc. (SPSX)
One day after reporting merger talks, Atlanta wire and cable maker Superior Essex Inc. (SPSX) has accepted a $900 million buyout offer from LS Cable Ltd. Superior Essex said Seoul, South Korea-based LS Cable will pay $45 a share in cash, which is a 50-percent premium over the year-to-date average closing price of Superior Essex’s common stock. LS Cable originally came to Superior Essex with a $36 a share proposal in March. Superior Essex will keep its Atlanta headquarters and will continue a previously announced global magnet wire factory restructuring. LS Cable said it doesn't plan operational changes or job…