Offer deadline extended for C&W Worldwide

AP News
Posted: Mar 29, 2012 5:20 AM
Offer deadline extended for C&W Worldwide

Vodafone Group PLC and Tata Communications PLC have been given more time to decide whether either company wants to make a takeover bid for Cable & Wireless Worldwide PLC.

The Takeover Panel announced Thursday a new deadline of April 19. The original deadline was 5 p.m. on Thursday.

Vodafone announced on Feb. 13 that it was considering the possibility of a bid, and Tata announced its interest on March 1.

C&W Worldwide shares were up half a percent at 34.17 pence on the London Stock Exchange. They had closed at 19.75 pence the day before Vodafone announced its interest.

C&W Worldwide, created in 2010 by a demerger, operates a cable network serving 150 countries directly or through local partners, supplying telecoms services to businesses and public sector bodies.

The other half of the demerger, Cable & Wireless Communications PLC, supplies broadband, mobile and other communications services to consumers and small and medium-sized businesses in the Caribbean, Panama, Macau and Monaco.

C&W Worldwide traces its origin from the development of telegraphy in the 19th century. The Cable and Wireless name dates from 1934, reflecting the company's move into radio as well as cable links.