Vodafone and Tata Communications are reportedly set to ask for an extension to the 29 March deadline by which they must declare their intentions toward UK-based fibre operator Cable & Wireless Worldwide (CWW).
According to a Sunday Telegraph report,…
Vodafone and Tata Communications are reportedly set to ask for an extension to the 29 March deadline by which they must declare their intentions toward UK-based fibre operator Cable & Wireless Worldwide (CWW).
According to a Sunday Telegraph report, bankers acting for the rival suitors are ready to ask the Takeover Panel to extend the so-called ‘put up or shut up’ deadline.
The report states that UBS, on behalf of Vodafone, and Standard Chartered and Morgan Stanley on behalf of Tata, are concerned about the lack of information provided by CWW management in the lead-up to Thursday’s deadline.
Meanwhile, the report added that New York-based hedge fund Elliott Management has started to build its stake in CWW with a view to influencing the outcome of what could become a bidding war.
Vodafone first confirmed its interest in acquiring CWW on 13 February, saying it was in the early stages of considering whether to make a cash offer. The announcement followed UK media reports suggesting the group was looking to submit a £700m (US$1.09bn) bid for the fibre operator
Vodafone’s initial 12 March deadline was pushed back to 29 March after India-based Tata Communications confirmed that it too was considering a bid.
On 22 March, it was reported Tata was close to agreeing a US$2bn loan to fund the potential bid.
Neither Vodafone nor Tata was immediately available for comment.
