UK enterprise-facing telco Cable & Wireless Worldwide’s (CWW) shareholders will reportedly not consider agreeing to sell the group for less than £1bn (US$1.59bn).
Since mobile operator Vodafone announced on 13 February that it was in the early stages…
UK enterprise-facing telco Cable & Wireless Worldwide’s (CWW) shareholders will reportedly not consider agreeing to sell the group for less than £1bn (US$1.59bn).
Since mobile operator Vodafone announced on 13 February that it was in the early stages of considering whether to make an offer in cash for CWW, the target’s market cap has soared by more than a third to £750m (US$1.19bn).
However, CWW’s investors plan to hold out for at least £1bn, reported the Sunday Times citing sources.
Earlier reports had suggested Vodafone was looking at a £700m (US$1.11bn) bid for CWW, which before the takeover interest had seen the value of its shares fall by around three-quarters over the previous 18 months after a series of profit warnings.
In accordance with takeover regulations, Vodafone has to declare whether it will make a bid for CWW by 12 March.
