Vodafone in $1.6 bln bid for Cable & Wireless WW
(Associated Press Via Acquire Media NewsEdge) LONDON -- Vodafone Europe has launched an agreed takeover bid for Cable & Wireless Worldwide PLC which values the company at 1 billion pounds ($1.6 billion).
Vodafone said Monday that it is offering 38 pence per share, which is a 92 percent premium over the closing price on Feb. 10, the day before Vodafone signaled its interest.
The board of Cable & Wireless Worldwide is backing the offer as "fair and reasonable."
CWW, created in 2010 following a demerger, operates a cable network serving 150 countries directly or through local partners, supplying telecoms services to businesses and public sector bodies.
Vodafone's offer came after Tata Communications dropped out last week as a potential bidder. Now that Vodafone has bid, Tata could come back with an offer.
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