UK mobile giant Vodafone has received enough shareholder votes to take over local telco Cable & Wireless Worldwide (CWW) for £1.04bn (US$1.63bn).
CWW announced that 78.02% of its investors who voted on the matter were in favour of the 38p per share…
UK mobile giant Vodafone has received enough shareholder votes to take over local telco Cable & Wireless Worldwide (CWW) for £1.04bn (US$1.63bn).
CWW announced that 78.02% of its investors who voted on the matter were in favour of the 38p per share deal. Vodafone only needed 75% of shareholder approval to proceed with its planned scheme of arrangement.
Subject to regulatory clearances, the companies expect to hold a court hearing to sanction the takeover on 26 July.
Vodafone looked set to surpass the 75% threshold earlier in the day, when Orbis, CWW’s largest shareholder with a 19.06% stake, said it would vote in favour of the offer. The institutional investor’s declaration came after the operator revealed it had already received proxy votes for the deal from 58.77% of its shareholders.
Vodafone is being advised by UBS.
Barclays and Rothschild are advising CWW.
