Vodafone says it is in the early process of evaluating a bid for fixed line and hosting provider Cable and Wireless Worldwide
Vodafone says it is in “the early stages” of evaluating a takeover bid fixed line provider Cable and Wireless Worldwide (CWW).
A possible bid for the CWW could go in at a reported £700 million and Vodafone says any bid would be made in cash and would have to be put on the table by March 12.
CWW provides managed voice,data, hosting and IP-based services and applications to company’s including Aviva, Boots, National Grid, Next, RyanAir, Tesco and United Utilities.
The company’s cable network serves 150 countries directly or through local partners which would fit in with Vodafone’s current cable ownership in European countries such as Germany.
A Vodafone statement released this morning said: “Vodafone regularly reviews opportunities in the sector and confirms that it is in the very early stages of evaluating the merits of a potential offer for CWW.
“There is no certainty that an offer will be made nor as to the terms on which any offer might be made. Any offer, if made, will be in cash but Vodafone reserves the right to change the specie of consideration. A further announcement will be made in due course, if appropriate”
Under Rule 2.6a of the Takeover Code, Vodafone is required to either announce its intention to purchase CWW or make an offer on the company or announce it has no interest in CWW no later than 5pm on 12 March 2012.
