Tata Communications and Vodafone will have until 19 April to announce whether or not they intend to make an offer to acquire UK fibre operator Cable & Wireless Worldwide (CWW).
The fibre operator stated this morning that the UK’s Panel on Takeovers…
Tata Communications and Vodafone will have until 19 April to announce whether or not they intend to make an offer to acquire UK fibre operator Cable & Wireless Worldwide (CWW).
The fibre operator stated this morning that the UK’s Panel on Takeovers and Mergers consented to the extension of the deadline, which had originally been set at 5pm London time today.
This move will “enable each of Vodafone and [Tata Communications] to establish whether or not their preliminary discussions with CWW might result in a formal offer for the company which the board of Cable & Wireless Worldwide would be willing to recommend,” CWW said.
The company added that there is no certainty that an offer will be made, or what its terms might be.
Tata Communications, part of the India-based Tata Group, and Vodafone both declined to comment on the news.
Vodafone is being advised by UBS, while Tata Communications’ M&A adviser is Standard Chartered.
CWW has mandated Barclays Capital and Rothschild to advise it on the deal.
Earlier this week, media reports suggested that Tata was close to finalising a US$2bn loan to help fund the potential transaction.
