Tata Communications? efforts to acquire Cable and Wireless Worldwide (CWW) have come to naught.
The company has reportedly withdrawn its bid on grounds that it could not decide on a final offer price with CWW.
Meanwhile, it is believed that Vodafone is still in the race to acquire the stake.
Prior to this, as per news reports, the UK government’s panel on takeovers and mergers had granted an extension of deadline to Tata Communications Limited (TCL) and Vodafone Group Plc to finalise their bids for acquiring UK based Cable & Wireless Worldwide (CWW).
The extension was expected to give the two potential bidders more time to establish whether or not their preliminary discussions result in a formal offer.
Tata Communications had expressed its intention for evaluating a possible cash offer for CWW and had disclosed that considerations were at a preliminary stage. Further, it has been reported that Tata Communications have made arrangements to raise loans worth $2 billion from national and international banks, to finance the deal.
