Tata Communications and Vodafone - vying with each other - have got an extension up to April 19 to submit their bids for Cable & Wireless ( C&W). The original deadline for bids was on Thursday.
C&W said a news agency that the extended deadline will enable Tata Communication and Vodafone to 'establish whether or not their preliminary discussions with C&W might result in a formal offer for the company, which the board of C&W would be willing to recommend'.
Sources said Tata Communication has arranged a $2 billion loan from four banks for a possible offer. Tata Communication will be able to expand presence in South Africa, the Middle East and Asia if it is able to acquire Cable & Wireless.
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C&W said a news agency that the extended deadline will enable Tata Communication and Vodafone to 'establish whether or not their preliminary discussions with C&W might result in a formal offer for the company, which the board of C&W would be willing to recommend'.
Sources said Tata Communication has arranged a $2 billion loan from four banks for a possible offer. Tata Communication will be able to expand presence in South Africa, the Middle East and Asia if it is able to acquire Cable & Wireless.
....more info