Vodafone’s offer to all holders of convertible Cable & Wireless Worldwide (CWW) bonds to purchase their debt for cash has been approved with respect to 96.9% of the bonds, Vodafone announced.
This equals £222.9m (US$349.5m) of the £230m (US$360.7m)…
Vodafone’s offer to all holders of convertible Cable & Wireless Worldwide (CWW) bonds to purchase their debt for cash has been approved with respect to 96.9% of the bonds, Vodafone announced.
This equals £222.9m (US$349.5m) of the £230m (US$360.7m) 5.75% convertible bonds expiring 2014.
The offer to buy the convertibles is part of Vodafone’s plan to acquire CWW, and was a mandatory step under UK takeover rules.
Yesterday, 87.5% of CWW shareholders approved Vodafone’s offer of 38p per share to acquire CWW.
Subject to regulatory clearances, the companies expect to hold a court hearing to sanction the takeover on 26 July.
Vodafone is being advised by UBS.
Barclays and Rothschild are advising CWW.
