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 cuts at Superior Essex due to the merger.

LS Cable produces power cable and communications cable, while Superior Essex is the world’s largest producer of magnet wire and a leader in the North American communications cable market. LS Cable has an extensive footprint in Asia and the Middle East, which will be complemented by the operations of Superior Essex in North America, Europe and China.

The combined company will have $12.8 billion in pro forma consolidated 2007 revenues and will be the third-largest wire and cable manufacturing company in the world.

“This transaction provides fair value to Superior Essex shareholders and is an excellent opportunity to significantly enhance our global expansion and product diversification strategy,” said Stephen Carter, CEO of Superior Essex. “… LS Cable also has a strong R&D program and gives our company increased global scale. By combining their manufacturing capabilities and product portfolio with our own, we can better meet the needs of our customers and extend our reach into new and growing end-markets.”

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