Takeover target Cable & Wireless Worldwide is expected to seek more time for suitors Tata Communications and Vodafone to decide whether they want to bid for the British telecoms group, sources with knowledge of the matter said.
Both Vodafone and India's Tata Communications are facing a 5pm GMT deadline today to either announce a firm intention to make an offer for the company currently valued at 942 million or walk away.
The deadline can be extended with the permission from the regulator, the Takeover Panel, in the UK.
Tata Communications thinks it did not get as much time as Vodafone to evaluate a possible bid as the latter got an extension earlier. However, Vodafone thinks it still has not received enough information to decide on a bid, the sources, which declined to be named, said.
Both Vodafone and Tata Communications are facing a 5pm GMT deadline today to either announce a firm intention to make an offer for the company currently valued at 942 million or walk away.
Vodafone announced in February it was in the early stages of looking at a bid for C&W Worldwide, which has issued a string of profit warnings since it split from Cable & Wireless Communications two years ago.
Tata Communications, a unit of the Tata Group, said at the beginning of March it too was evaluating a possible cash offer, in what could set up a takeover battle for troubled C&W Worldwide, which has fixed telephone lines that can be used to relieve pressure on mobile networks, and provides voice, data and other services.
C&W Worldwide also has an international cable network connecting more than 150 countries, a factor that could be of particular interest for Tata Communications.
Spokeswomen for Cable & Wireless Worldwide and Tata Communications declined to comment. Vodafone officials could not be immediately reached in London outside business hours.
Standard Chartered is advising Tata Communications, and one of the sources said the Indian company has also recently roped in Morgan Stanley. Rothschild and Barclays Capital are advising C&W Worldwide, while UBS is the adviser to Vodafone.
-
RSAC Conference 2025: The front line of cyber innovationITPro Podcast Ransomware, quantum computing, and an unsurprising focus on AI were highlights of this year's event
-
Anthropic CEO Dario Amodei thinks we're burying our heads in the sand on AI job lossesNews With AI set to hit entry-level jobs especially, some industry execs say clear warning signs are being ignored
-
Vodafone and Three’s merger could shake mobile, broadband marketsThe long-awaited merger will see the pair become the largest mobile network operator
-
Vodafone announces largest layoff round in company history, 11,000 jobs to be axedNews Jobs in the UK, Germany, and Italy are included in the three-year cost-saving plans
-
Vodafone plans job cuts as part of €1bn savings strategyNews The company has said that it will reveal more about the changes when it announces its quarterly results next month
-
Vodafone to add 7,000 software engineers in digital services driveNews The company is aiming to meet the surging demand for digital connectivity and secure ownership of new IPs
-
Vodafone fined £4.6m for failing to top up pay-as-you-go customersNews Ofcom fines Vodafone for failing to credit PAYG
-
13 telecoms providers failed to impress consumers in Q2News Ofcom revealed the most complaints were made against EE's landline and broadband services
-
Ofcom wants to cut spectrum licence fees for mobile operatorsNews The move means mobile phone networks would pay 10 per cent less to the government a year
-
EE strikes deal to acquire 58 Phones 4u stores for £2.5mNews Mobile operator follows Vodafone's lead by agreeing to acquire Phones 4u stores
