Telecom Lead Europe: Vodafone has reached one step closer
to the possible$1.6 billion takeover of Cable & Wireless Worldwide (CWW),
as 59 percent of shareholders in Cable & Wireless Worldwide (CWW) accepted
the takeover offer from Vodafone.
Orbis, largest shareholder in CWW with 19 percent has
also said that it would now support the 38 pence-a-share offer.
Earlier, Vodafone’s 38 pence-a-share bid has been
criticized by Orbis which said it would instead be willing to remain a minority
shareholder in a Vodafone-controlled CWW.
Vodafone wins backing of ISS for Cable & Wireless bid
A few days back, Institutional Shareholder Services
(ISS) recommended the proposed 1 billion euro bid placed by Vodafone for Cable
& Wireless Worldwide.
ISS has proposed that CWW’s shareholders should accept
the 38p a share bid from Vodafone.
In order to make a cut, Vodafone needs to obtain
acceptances from shareholders holding 75 percent of the company’s stock.
Vodofone had also warned that if it did not receive the
required backing then the bid would lapse and it would not change the terms of
its offer.
The acquisition will assist Vodafone to become
a full integrated telecom company with focus on mobile, fixed line and long
distance calls.
CWW specializes in providing communication networks and
services to large corporates, governments, carrier customers and resellers. Its
services include managed voice, data and IP-based services and applications
across the UK, Asia Pacific, India, Middle East & Africa, Continental
Europe and North America.
