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Vodafone gets till Monday to bid for CWW
20 April 2012
Cable & Wireless Worldwide says deadline extended until lunchtime Monday for a bid from Vodafone
Cable & Wireless
Vodafone has until noon UK time on Monday April 23 to put in a bid for Cable & Wireless Worldwide or withdraw from talks.
The company was granted an extension minutes before the previous deadline expired on the afternoon of Thursday April 19. Only the day before, Tata Communications had decided not to bid for CWW after failing to agree on a price.
CWW confirmed in a statement that “advanced discussions with Vodafone are ongoing” with the aim of seeing if an offer can be made for the company “which the Board of Cable & Wireless Worldwide would be willing to recommend”.
If Vodafone decides not to bid by 12.00 on Monday, the UK’s takeover code says it will be unable to make any bid for CWW for six months. CWW is capitalised at around £800 million. It split from Cable & Wireless Communications, now a separate company with local operations in the Caribbean and elsewere, in 2010. GTB
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