CWW gives Vodafone some extra thinking time

With just 25 minutes to go before the 17:00 bid deadline on Thursday, telecoms group Cable and Wireless Worldwide (CWW) said it had extended the time required for Vodafone to come up with a formal offer for the group.

Shares sank by as much as 24% in early trading today on the news that India's Tata Communications was out of the running after having decided not to bid, leaving Vodafone the only shark circling the ship.

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The group confirmed that is still in advanced discussions with the FTSE 100 telecoms giant "with a view to establishing whether or not they might result in a formal offer for the company which the board of Cable & Wireless Worldwide would be willing to recommend."

As always, the company said: "There can be no certainty that any offer will be made, nor as to the terms of any offer."

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