LS Cable Announces Commencement of US$45.00 Per Share Cash Tender Offer for Superior Essex

  
    
  
  
    
      LS Cable Ltd. today announced that LS Cable’s 
      indirect subsidiary, Cyprus Acquisition Merger Sub, Inc., has commenced 
      a tender offer for all the outstanding shares of common stock of 
      Superior Essex Inc. (NASDAQ: SPSX) at a purchase price of US$45.00 per 
      share in cash. The transaction implies a total equity value for Superior 
      Essex of approximately US$900 million or a total enterprise value of 
      about US$1.2 billion, including indebtedness.
    
    
      The offering price represents a premium of approximately 50% over the 
      year-to-date average closing price of Superior Essex common stock prior 
      to June 11, 2008, the date LS Cable and Superior Essex signed and 
      announced a definitive merger agreement for LS Cable to acquire Superior 
      Essex. The combination will create a wire and cable industry leader with 
      a strong product portfolio and capabilities in power cable, magnet wire, 
      communications cable and copper rod.
    
    
      The Board of Directors of Superior Essex has approved the merger 
      agreement and determined that the transactions are fair to, and in the 
      best interests of, Superior Essex stockholders. The Superior Essex Board 
      recommends that stockholders tender their shares pursuant to the tender 
      offer.
    
    
      The tender offer is subject to the tender of a majority of the 
      outstanding shares of Superior Essex, as well as the receipt of certain 
      regulatory approvals and other customary conditions. The tender offer is 
      not subject to a financing condition. The tender offer will expire at 
      5:00 PM (New York time) on July 30, 2008, unless extended.
    
    
      As promptly as practicable following completion of the tender offer, 
      subject to the conditions in the merger agreement, the parties will 
      effect a second-step merger in which Superior Essex stockholders who did 
      not tender their shares in the offer will receive the same cash price 
      per share.
    
    
      About LS Cable
    
    
      LS Cable is a leading wire and cable manufacturer with headquarters 
      located in Korea. LS Cable has 6,100 employees and more than 25 
      manufacturing sites located in 12 countries, with operations on three 
      continents. LS Cable was founded in Korea in 1962 and it became a listed 
      company on the Stock Market Division of Korea Exchange (formerly known 
      as Korea Stock Exchange) in June 1977. LS Cable provides a wide range of 
      power and communications cable solutions for the energy infrastructure, 
      construction, automotive, railway, telecommunication and electronic 
      industries. With high, medium and low voltage power cables, LS Cable 
      meets its customers’ demands for cable and 
      cable systems for power transmission and distribution in energy 
      infrastructure and related industries.
    
    
      LS Cable also serves the needs of customers for optical communication, 
      which is the platform of broadband networks. LS Cable offers various 
      optical cables and optical fibers of single and multi mode for LAN, 
      access, long distance and metropolitan networks. LS Cable supplies 
      coaxial cables, UTP cables and FTTH (Fiber to The Home) solutions for 
      rapid and massive data transmission. For more information about LS 
      Cable, please visit www.lscable.com.
    
    
      As previously announced, on or about July 2, 2008, LS Cable is expected 
      to effect an internal corporate structure change. LS Cable will change 
      its name from “LS Cable Ltd.” 
      to “LS Corp.” and 
      transfer the assets and liabilities of its wire and cable business into 
      a newly established wholly owned subsidiary to be named “LS 
      Cable Ltd.”
    
    
      Additional Information
    
    
      This press release is neither an offer to purchase nor a solicitation of 
      an offer to sell shares of Superior Essex. LS Cable and Cyprus Merger 
      Acquisition Sub, Inc. are today filing with the U.S. Securities and 
      Exchange Commission (the “SEC”) 
      a Tender Offer Statement on Schedule TO (including the Offer to Purchase 
      and related form of Letter of Transmittal) setting forth in detail the 
      terms of the tender offer, and Superior Essex is today filing with the 
      SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with 
      respect to the tender offer containing, among other things, a 
      description of the Superior Essex Board’s 
      recommendation that stockholders tender their shares.
    
    
      The tender offer will be made solely by the Tender Offer Statement. The 
      Tender Offer Statement and the Solicitation/Recommendation Statement 
      will contain important information and should be read carefully by 
      Superior Essex stockholders before making any decision with respect to 
      the tender offer. The Offer to Purchase, Letter of Transmittal and 
      Solicitation/Recommendation Statement (with certain exhibits omitted) 
      will be mailed to stockholders of record and furnished to brokers, 
      dealers, banks and trust companies for forwarding to their clients who 
      are beneficial owners of Superior Essex shares. The Tender Offer 
      Statement and the Solicitation/Recommendation Statement (in each case, 
      with exhibits) will also be available for free at the SEC’s 
      website at www.sec.gov, as will any 
      amendments, when filed.
    
    
      Forward-Looking Statements and Risk Factors
    
    
      This press release may contain certain forward-looking statements with 
      respect to the financial condition, results of operations and business 
      of Superior Essex and certain of the plans and objectives of Superior 
      Essex and LS Cable and their respective subsidiaries with respect to, 
      among other things, the completion of the tender offer and the merger. 
      Completion of the tender offer and merger are subject to conditions, 
      including satisfaction of a minimum tender condition and the receipt of 
      regulatory approvals, and there can be no assurances that those 
      conditions will be satisfied and that the tender offer and merger will 
      be completed. By their nature, forward-looking statements involve risk 
      and uncertainty because they relate to events and depend on 
      circumstances that will occur in the future and there are many factors, 
      including the risk factors detailed in Superior Essex’s 
      filings with the SEC (including its Annual Report on Form 10-K for the 
      year ended December 31, 2007, and its Quarterly Report on Form 10-Q for 
      the quarter ended March 31, 2008) that could cause actual results and 
      developments to differ materially from those expressed or implied by 
      these forward-looking statements. Forward-looking statements contained 
      herein are made only as of the date hereof, and we do not undertake to 
      update these statements to reflect subsequent events or developments, 
      except as required by federal securities law including SEC rules.