In accordance with Rule 2.6(a) of the Takeover Code, Vodafone Group plc (“Vodafone”) was required to, by not later than 5.00 p.m. on 19 April 2012, either announce a firm intention to make an offer for Cable&Wireless Worldwide plc (“CWW” or the “Company”) in accordance with Rule 2.7 of the Takeover Code or announce that it did not intend to make an offer.
Further to the announcement on 18 April 2012, CWW confirms that advanced discussions with Vodafone are on-going with a view to establishing whether or not they might result in a formal offer for the Company which the Board of Cable&Wireless Worldwide would be willing to recommend.
In accordance with Rule 2.6(c) of the Takeover Code, at the request of the Company, the Panel on Takeovers and Mergers has consented to an extension of the deadline until 12.00 noon on 23 April 2012. There can be no certainty that any offer will be made, nor as to the terms of any offer.
A copy of this announcement will be available at www.cw.com. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
- ends -
For enquiries please contact:
Matt Hotson, Director Investor Relations and Group Communications
Paul Moore, Head of Company Secretariat
Will Cameron, Head of Public Relations
About Cable&Wireless Worldwide
Cable&Wireless Worldwide (LSE: CW) provides integrated communications and data hosting services to large enterprises and mid-market customers in both the public and private sectors.
With an unrivalled heritage and a globally significant network Cable&Wireless Worldwide can provide robust and resilient connectivity to over 150 countries.
To find out more, visit http://www.cw.com
DISCLOSURE REQUIREMENTS OF THE TAKEOVER CODE (THE "CODE")
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.