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Cable & Wireless takeover bid extended

Potential acquirers to get more time for decision-making.

The UK communications and data-hosting services provider Cable & Wireless Worldwide (CWW) has confirmed that the panel on takeovers and mergers has extended its deadline until 5pm on 19 April 2012.

The deadline was originally supposed to end today at 5pm.

CWW said that this will enable Vodafone and TCL to establish whether or not their preliminary discussions would result in a formal offer for the company that the CWW board would be willing to recommend.

With the extension, two potential acquirers, Vodafone Group and the India-based Tata Communications,  have more time to submit an offer or walk away.

Telecom media firms report that Tata is arranging a $2bn loan from four financial institutions.