Vodafone has agreed to buy Cable&Wireless Worldwide for GBP 1.044 billion. The mobile operator will pay GBP 0.38 per share cash for CWW, representing a premium of 107 percent on the average share price in the three months prior to announcing its interest in the company in February. Vodafone said the takeover will strengthen its enterprise business in the UK and internationally, as well as offer "attractive network and other cost-saving opportunities". CWW's management has recommended the bid to shareholders, and investors holding over 18 percent of CWW's shares have already agreed to accept Vodafone's offer. Vodafone said it would not increase its offer, but reserves the right to make a higher bid if another bidder emerges. Earlier India-based Tata Communications said it was considering an offer for CWW, but it withdrew before making a formal offer.
