India-based fixed-line operator Tata Communications has pulled out of the race to acquire the UK fibre operator Cable & Wireless Worldwide.
In a statement on Wednesday after market close, Tata said that “it has been unable to reach agreement with CWW…
India-based fixed-line operator Tata Communications has pulled out of the race to acquire the UK fibre operator Cable & Wireless Worldwide.
In a statement on Wednesday after market close, Tata said that “it has been unable to reach agreement with CWW on an offer price and therefore confirms that it does not intend to make an offer for CWW”.
CWW said in a statement that it takes note of Tata’s announcement. CWW continued to say that discussions with Vodafone are ongoing.
Vodafone’s deadline to announce whether or not it intends to make a formal bid for CWW expires tomorrow (Thursday, 19 April) at 5pm London time.
Reuters reported earlier today that Tata had secured bank financing for the acquisition.
Tata’s M&A advisers for the deal were Standard Chartered and Morgan Stanley. Reuters reported that the latter was not providing funding.
