Today was the deadline for both Vodafone and Tata Communications Ltd (TCL) to submit a bid for Cable & Wireless Worldwide (see Tata Comms takes a look at CWW). Rumours had been circulating that an extension was more likely than a firm bid. And sure enough, it was announced this morning that an extension has been granted to Vodafone and to TCL. They now have until close of play on April 19th to deliver a bid or get off the proverbial pot.
So both Vodafone and TCL remain in the running for CWW. The reasons for the delay have not been revealed. But given CWW’s international footprint and complex network assets - not to mention the potentially tax-efficient losses it has recorded over recent years - there’s inevitably a need for a great deal of detailed input and analysis before a decision can be made. Meanwhile CWW’s share price continues to hang onto its acquisition-fuelled gains. It’s up 71% since Vodafone’s interest was first officially announced on 17th Feb.