UK panel agrees 2nd Vodafone, Tata extension to bid on Cable & Wireless Worldwide

Tata Communications (NYSE: TCL) and Vodafone (LSE: VOD.L) now have until April 19 to decide whether or not to make a formal bid for Cable & Wireless Worldwide (LSE: CW.L).

As reported in Reuters, Tata and Vodafone's requests to extend their time to either confirm or drop an offer for the service provider by an additional three weeks was approved by the UK's Panel for Takeover and Mergers.

Both service providers could also ask for another extension on behalf of CWW. The original extended deadline was set for March 29.

Citing unnamed sources close to the situation, CWW was going to ask for an extension so both service providers could get more time to evaluate a possible deal.

Buying CWW has possible benefits for both Tata and Vodafone. Tata could use CWW to expand their international network further with CWW's international network that currently connects over 150 countries. Likewise, Vodafone could use the network assets to not only offload Internet traffic, but also broaden its portfolio of wireline-based business services.

March 29, 2012

Continue