Vodafone gets more time to finalize CWW acquisition bid

Telecom Lead Europe: Vodafone has got an extension
till April 23 to finalize its bid for acquiring British telecom group Cable
& Wireless Worldwide (CWW), according to CWW’s filing on the London Stock

“The Panel on Takeovers and Mergers has consented to an extension of the
deadline until 12.00 noon on 23 April 2012,” CWW said in a filing.


The Panel on Takeovers and Mergers (UK) is an independent
body whose main functions include administering the City Code on Takeovers and


The proposed acquisition will assist Vodafone to become a full
integrated telecom company with focus on mobile, fixed line and long distance
calls. C&WW 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

“Further to the announcement on 18 April 2012, CWW confirms that advanced
discussions with Vodafone are on-going with a view to establishing whether or
not they might result in a formal offer for the company which the Board of
Cable&Wireless Worldwide would be willing to recommend,” CWW said.


Earlier, India’s Tata Communications was also in battle to
acquire the British firm, but it pulled out of the race after failing to reach
an agreement on offer price. As TCL withdrawn, UK-based telecom giant Vodafone
becomes the only contender for the bid.


However, TCL also has the option of re-bidding if the
deal with Vodafone does not go through.


“TCL reserves the right to announce an offer or
possible offer or make or participate in an offer or possible offer for CWW
(and/or take any other action which would otherwise be restricted under Rule
2.8 of the Code) within the next six months following the date of this
announcement in the circumstances,” TCL had said in a statement.


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