Vodafone launches agreed bid for CWW

23rd Apr 2012 07:20

Mobile phone networks operator Vodafone has launched an agreed bid for telecoms firm Cables and Wireless Worldwide (CWW).The board of CWW has given its support to a 38p a share cash offer from Vodafone. The Vodafone terms value CWW at around £1,044m.Shareholders representing around 18.6% of the issued share capital of CWW have given irrevocable undertakings to accept the Vodafone offer, which will be effected by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act."The offer from Vodafone announced today will enable shareholders to crystallise a value, in cash, that represents a significant premium to recent trading levels and avoid exposure to the risks inevitably presented by executing a medium-term improvement strategy," said John Barton, Chairman of CWW.JH