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    Default Vodafone gets more time for CWW bid

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    Telecom giant Vodafone has got an extension till April 23 to finalise its bid for acquiring British telecom group Cable & Wireless Worldwide (CWW).

    "...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 on the London Stock Exchange.

    However, there is no certainty that any offer will be made nor as to the terms of any offer, it added.

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

    India's Tata Communications was also in fray to acquire the British firm, but it pulled out of the race yesterday after failing to reach an agreement on offer price.

    With TCL moving out, UK-based telecom giant Vodafone is the only contender for the bid.

    "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.

 

 

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