Tata Comm drops C&WW bid

India's Tata Communications has withdrawn from the running to acquire international cable operator Cable & Wireless Worldwide (C&WW), hours before the deadline to submit an official bid. 

The company decided not to make an offer because “it has been unable to reach agreement with C&WW on an offer price,” Tata Comm said in an announcement on the London Stock Exchange.
But the statement adds that Tata Comm “reserves the right to [announce or participate in] an offer or possible offer for C&WW... within the next six months.”
The announcement came ahead of the deadline to make a formal offer later today, and leaves Vodafone as the likely sole bidder for the assets. The bid deadline has already been pushed back by two weeks
A person familiar with the deal told The Telegraph Tata had been unable to secure a firm financing offer, despite a number of banks indicating their willingness to lend money for the deal.
Tata Comm first revealed it was considering making an offer for C&WW in March, a month after Vodafone expressed an interest
C&WW is currently worth around £1 billion (€761 million) after a sharp stock spike in the wake of Vodafone's initial announcement.

Suggested Articles

Wireless operators can provide 5G services with spectrum bands both above and below 6 GHz—but that doesn't mean that all countries will let them.

Here are the stories we’re tracking today.

The 5G Mobile Network Architecture research project will implement two 5G use cases in real-world test beds.