Confirmed: Vodafone eye on CWW deal
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[February 14, 2012]

Confirmed: Vodafone eye on CWW deal

(City A.M. (UK) Via Acquire Media NewsEdge) SHARES in Cable & Wireless Worldwide (CWW) soared 45 per cent yesterday as Vodafone admitted it was weighing up the benefits of a bid to buy the dwindling telecoms group.

Following reports over the weekend, Vodafone released a statement confirming it is in "the very early stages of evaluating the merits of a potential offer for CWW".

Under the Takeover Code, Vodafone has until 5pm on 12 March either to confirm its intention to make an offer or withdraw its interest.

The telecoms giant said any offer made will be in cash, but declined to comment on the likelihood of a bid or any terms it might include.

CWW released a statement noting Vodafone's confirmation.


Vodafone could be looking at CWW for its fixed-line network - something Vodafone lacks in Britain - or to cement its position in the corporate market as consumer uptake of mobile phones reaches saturation point.

CWW's Friday closing share price of 20p and market cap of £530m led to analyst speculation of a £700m bid. But CWW closed yesterday at 28.5p, valuing the group at £771m already.


Private equity firm Apax Partners, which lately bought Orange's Swiss arm, is said to be eyeing CWW too.

(c) 2012 City A.M.

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