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TMCNet: Vodafone in $1.6 bln bid for Cable & Wireless WW

[April 23, 2012]

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.

(c) 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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