Vodafone and Tata get deadline extension on CWW offer

Vodafone and Tata Communications have been given three more weeks to make a formal offer for Cable and Wireless Worldwide.

The previous deadline ran out today (March 29th). Vodafone originally said it was mulling a bid on February 11th, while Tata entered the fray at the beginning of March.

The appeal for both companies is gaining access to the huge capacity offered by Cable and Wireless Worldwide's fibre network, the largest in the UK.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

There have been reports Tata has organised €2bn in financing ahead of a possible deal.

The terms of today's announcement make clear that there can be no certainty of an offer from either party.

Cable and Wireless Worldwide shares have gained 67% since Vodafone originally expressed an interest, at 10:41 today the stock was flat at 33.96p

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.