Vodafone's £1bn deal for Cable & Wireless wins support
A £1 billion bid by Newbury-based telecommunications firm Vodafone for Cable & Wireless Worldwide (CWW) is back on track. CWW's biggest shareholder has backed the deal.
The Canadian firm Orbis has changed its position and decided to back the 38p a share arrangement. If the deal goes through Vodafone would become the UK's second biggest telecoms operator after British Telecom.
The Newbury-based telecoms giant Vodafone is set to become the UK's second biggest telecoms operator after it agreed to buy Cable & Wireless Worldwide for £1.04 billion.
The firm will be second largest in the industry in the UK once the deal is completed. The largest being BT.
The company offered 38p a share for Cable & Wireless Worldwide, a 92% premium to the closing price on the day before the talks were unveiled.
"The acquisition of Cable & Wireless Worldwide creates a leading integrated player in the enterprise segment of the UK communications market and brings attractive cost savings to our UK and international operations."