Vodafone gets extension for CWW bid

Vodafone said on Friday that it has received a deadline extension to bid for Cable & Wireless Worldwide, whose fixed-line assets are the subject of interest from both the UK-based mobile operator and India's Tata Communications.

According to a Bloomberg report, Vodafone may now defer making its decision until March 29, which is the same deadline for Tata. Vodafone was originally due to announce if it intends to make an offer by March 12. Reuters said regulator the Takeover Panel granted the extension on Friday at the request of Cable & Wireless Worldwide.

The extension of the deadline for Vodafone makes a battle between the two operators for the fixed-line assets even more likely: according to Bloomberg, CWW has a current market value of around £994 million ($1.6 billion).

"C&W won't be willing to open the books unless there's serious intent shown by Vodafone," Nick Brown, an analyst at Espirito Santo in London, told Bloomberg. "Their share price is at the mercy of Vodafone's actions at the moment."

For more:
- see this Bloomberg article
- see this Reuters article

Related articles:
Vodafone challenged by Tata over C&W Worldwide bid
Analyst: Cable & Wireless a good fit for Vodafone
Vodafone's UK fortunes questioned by Credit Suisse
Vodafone's potential bid for Cable & Wireless fails to excite analysts
Vodafone plans sweeping cost cuts amid European debt crisis 

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