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04-18-2012, 10:30 PM #1
One day left for Tata, Vodafone to make formal offer for Cable & Wireless WorldwideTata Communications Ltd (TCL) and UK-based Vodafone have till tomorrow to make an offer for buying British company Cable & Wireless Worldwide (CWW) unless another extension in deadline is given.
In accordance with Rule 2.6 (c) of the Takeover Code, at the request of the CWW, the Panel on Takeovers and Mergers had consented to an extension of deadline to April 19, 2012.
This was done to give Vodafone and TCL time to establish whether or not their preliminary discussions with CWW might result in a formal offer for the company which the Board of CWW would be willing to recommend, CWW had said.
TCL could not be reached for comments. Part of the Tata Group, TCL had earlier said it is evaluating a possible cash offer for CWW.
According to media reports, the Mumbai-based company has hired Morgan Stanley to work alongside Standard Chartered, its long-term adviser on the deal....being a human...