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03-11-2012, 08:06 AM #1
Vodafone, Tata Telecom's CWW bid deadline extended to March 29
UK giant Vodafone Plc and Indian major Tata Communications have time till March 29 to decide on whether to make an offer for Cable & Wireless Worldwide Plc, a more than 150-year-old telecom entity that was primarily set up to cater to the needs of the erstwhile British Empire.
UK's Panel on Takeovers and Mergers has extended the deadline for Vodafone to make a potential bid for Cable & Wireless Worldwide (CWW) to March 29, matching the last date given for rival Tata Communications.
Both Vodafone and Tata Communications have expressed interest in bidding for CWW.
In a statement on Friday, CWW said the bidding deadline for Vodafone has been extended on the request of the company.
"... the Panel on Takeovers and Mergers has consented to an extension of the relevant deadline for Vodafone to announce either such an offer or no intention to make an offer until 5.00 pm on March 29." it noted.
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This is the same deadline as announced for Tata Communications Ltd on March 1, 2012.
"There can be no certainty that any offer will be made, nor as to the terms of any offer," CWW said.
On February 13, Vodafone said that it was was weighing the possibility of making an offer for CWW. Meanwhile, Tata Communications on March 1 announced that it is in preliminary stages of evaluating a possible cash offer for CWW.
CWW owns fixed lines that are used by mobile operators to provide links to mobile transmitters and switching offices.
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It also provides voice, data and hosting services to major British companies such as Next, Tesco and United Utilities, and retains an international cable network connecting more than 150 countries.
The entity has presence in India and made its first entry in entered there in 1872.
"We serve more than 150 customers in India from five key offices in Bangalore, Mumbai, Pune, Chennai and New Delhi. We have established a stronghold in the Information Technology and BPO verticals of India, wherein we work with ten out of the top 15 outsourcing companies," according to its website.