Vodafone gets until 29 March to make C&W Worldwide bid
Cable & Wireless Worldwide PLC on Friday said that Vodafone Group PLC had been granted an extension until March 29 to make a firm bid for the U.K. telecommunications provider.
Vodafone first said it was mulling a bid for C&W Worldwide Feb. 13. Since then, India's Tata Communications Ltd. has also announced that it is considering making an offer. Tata also has until March 29 to make its intentions clear.
C&W Worldwide provides telecommunication and broadband Internet services to corporate customers and owns the U.K's biggest fibre network dedicated to businesses. It also has an international cable network which reaches across Europe, India and throughout Asia.
The company has had a torrid time since its spin-off from parent Cable & Wireless PLC in 2010. Before news of the potential bid, its shares had fallen around 73% over the 12 months following three profit warnings, which it blamed on the U.K. government's austerity budget.
The company's chief executive, John Pluthero, left in November, and was replaced by former Vodafone executive Gavin Darby. Financial chief Tim Weller also left in July, with deputy finance chief Ian Gibson taking his place.
Source: Total Telecom
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