C&WW gives suitors more time
Vodafone and Tata Communications have an extra fortnight to decide whether to bid for Cable & Wireless Worldwide (C&WW), after neither firm made a move by the original deadline.
C&WW received approval to extend the date from March 29 to April 19 after receiving no word from the telcos on whether they plan to place an offer or not. It states the deferral is necessary to allow the pair to decide whether to follow through on preliminary discussions of a deal.
Tata Communications last month revealed it was considering bidding for C&WW, which was spun out from Cable & Wireless in 2010, a few weeks after Vodafone confirmed its interest in the firm. However, reports last week indicate the telcos may face another rival in the form of hedge fund Elliott Management, which is increasing its holding in C&WW.