Cable & Wireless Worldwide's largest shareholder has agreed to support Vodafone's takeover bid for the company. The shareholder Orbis Investment Management, which has just over 19 percent in CWW, said it agreed to support the deal after CWW announced that 58.77 percent of shareholders had already filed proxy votes in favour of the takeover. Orbis had earlier said the bid undervalues CWW. However, even if it voted against, the transaction was still likely to go ahead, Orbis said. Vodafone's offer of GBP 1 billion was dependent on 75 percent of shareholders backing the deal. The offer received the required court and shareholders approval on 18 June.
