Share Name Share Symbol Market Type Share ISIN Share Description
Cable & Wireless LSE:CW. London Ordinary Share GB00B5WB0X89 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 37.92p 0.00p 0.00p - - - 0 06:36:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Fixed Line Telecommunications 2,149.0 -392.0 -20.3 - 1,047.31

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Date Time Title Posts
31/1/201811:08Cable & Wireless have Ј2,600,000,000 in the bank288
10/8/201210:02Cable & Wireless Worldwide5,471
16/2/201214:36PLEASE VISIT MY THREAD, thehairydagger41
29/6/201113:48Board rip offs!9
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loganair: Vodafone CWW deal hits potential road block Vodafone's agreed £1 billion takeover offer for Cable & Wireless Worldwide (CWW) will fundamentally change the face of UK telecoms if it goes ahead. Hurdles remain, more of which later, but Vodafone is now the only bidder in town after India's Tata Communications was forced to wave 'ta-ta' after failing to come up with an acceptable price. Tata is rumoured to have offered only 25p per share for CWW, whereas Vodafone has tabled what it described as a final offer of 38p per share. The benefits of the deal for Vodafone are more obvious, which is why Vodafone chief executive Vittorio Colao can afford to pay more. It's his most significant acquisition since he took the role four years ago. Colao said the acquisition would create "a leading integrated player in the enterprise segment of the UK communications market, and brings attractive cost savings to our UK and international operations." Ian Watt of Enders Analysis said that the impact of the deal, "while gradual, would reverberate for years to come". Watt identified three of the potential benefits for Vodafone: "Selling unified communications services into corporates as a single supplier; using Vodafone distribution assets (such as shops and mass-market telesales) to sell fixed services based on CWW's network to small and medium-sized businesses and rationalising the overlapping sales forces." Watt said Vodafone apparently has 'hundreds' of corporate sales people in the UK, and CWW has around 1,500, "who are currently targeting the same decision makers in the same corporate customer base". Vodafone already dominates business mobile telecoms in the UK, with around 40 per cent of small and medium-sized enterprises (SMEs) and between 50 and 70 per cent of corporate and government clients, according to Enders. "So the growth potential is likely more in fixed than mobile, given CWW's market share of roughly 20 per cent in UK corporate/government wireline telecoms and very modest presence in SME," says Watt. The other benefit for Vodafone UK is the ability to save on so-called "backhaul" costs – the price it pays to other providers to carry traffic between its masts and base stations. At the moment it relies heavily on BT, but it could switch some of that traffic to CWW's underground data network, which stretches to over 20,000km in the UK alone. Analysts say the savings here are likely to be helpful but modest. They also point out that there would be a difficult period of integration during which BT and Virgin Media, which is focusing heavily on business customers, could actually benefit. Enders noted the disruption that went on after CWW bought business telecoms rival Energis, when the merged entity lost a lot of customers. But another potential plus for Vodafone is the tax losses that CWW has racked up over the years, which it might be able to make use of. Colao was cagey about that however, and it can take years to try and use tax losses, often with limited success. Right now Colao's focus is on getting the bid over the line. Vodafone and its advisors, UBS, Citigroup and JPMorgan Chase, have set the hurdle high because they are structuring the offer as a so-called "scheme of arrangement". That basically means the company needs approval from 75 per cent of voting shareholders, as opposed to the 50 plus per cent normally required under a takeover. Colao has already won the support of shareholders speaking for about 18 per cent of the shares but he's hit an unexpected hurdle in the form of CWW's biggest shareholder, Orbis Investment Management. Orbis holds more than 19 per cent of the shares, so it could effectively block the deal. Orbis says it is not happy with the offer price. That's because the CWW share price remains well below the price at which it was demerged from its sister operation Cable & Wireless Communications, which operates in several former UK colonies, back in March 2010. Orbis held 6.8 per cent of the share back then and has increased its holding at an average of 53p per share over the past two years, according to reports based on banking sources. Orbis would almost certainly realise some painful losses if the 38p per share offer is successful, so it's no wonder it is hoping for more money. It pointed out that "the proposed deal is clearly attractive for Vodafone shareholders", but said it was "concerned that the offer price does not appear to reflect the value inherent in CWW". "Although we believe the CWW management team has handled the bid process responsibly, we have declined to give an irrevocable undertaking or letter of intent to support the transaction," Orbis said in a statement. Whether the fund manager really digs its heels in remains to be seen. If Vodafone walks away, the share price will tank and Orbis may face a long wait before the share price recovers to its current level. One thing is for sure, if the bid is successful former Vodafone UK chief Gavin Darby, who now runs CWW, stands to make more than £1 million for just five months' work.
msouth999: Guys - ORBIS have an easy way out and i am still totally amazed by their ongoing publicly stated position..........why is their average share price still 53p???????? Why dont they simply BUY every available share @ todays 33p probably 32p when we open and start to AVERAGE down their position (why they didnt do it when we were at 15p level shows that someone WASNT managing the fund very well or even bothering to check the CW. share price). They have no excuse, they could easily get their average down to below the VOD 38p bid level with a bit of buying. RMS i am with you on this one VOD will acquire CW. and IMHO @ 38p declared. ORBIS will have to accept otherwise they will do a PR self destruct and fund income will decline (i think it will anyway now that they have been exposed as holding a position so remote from reality).........thats their issue
rogermauricesmith: CW's share price Despite what is happening to the share price, for whatever reasosn, Vodafone has a bid on the table of 38p which it cannot reduce. If it walks away it cannot bid again for six months - so it won't do that. Vodafone has now spelt out exactly why it wants CW and it is a very compelling argument. If Orbis has no other place to go then it will accept the bid, it is not a stupid organisation and the last thing it would want to be is a minority shareholder in a Vodafone controlled CW. But just as Vodafone wants to buy CW as cheaply as possible Orbis wants to sell its shares for as much as possible. Press releases, media soundbites and backdoor whispering are great currencies at the moment for making CW's share price move (mainly downwards) with very little volume. There is absolutely no risk, and quite a bit of upside, with the share price at this level for patient holders.
careful: normally the premium is quoted ref the share price at the time VOD admitted it was considering a bid. the CW. share price was around 20p. a 30p bid would represent a very large 50% premium. many analysts are saying that if VOD walk away it will fall back below 20p.
rogermauricesmith: Cyan Share price behaviour – a theory With reference to your posts no 4218 and 4232 with regard to how the share price has been behaving. This has been vexing me because, like you, I cannot understand for the life of me why the shares dropped today. And can understand the sheer insanity of yesterday even less. The chief early seller has been a hedge fund called Toscafund (highlighted by Old Town). I have been separately researching Toscafund's actions in this bid process and am about to post the results. But the research has led me to a personal theory about all the early selling. Because the share price was so low when the bidding process started (20p) there has already been an opportunity to take big profits (As much as 50% even for people who bought in after Vodafone's initial announcement at 25p). That has to be the explanation for so many people selling when bid talks are still ongoing, which if successful will clearly be at a significantly higher value than the current share price. Risk-averse investors appear to be taking substantial profits early (as much as 50%) rather than take the risk of waiting for a bid and see all those profits disappear if it doesn't happen (and who can really blame them). If there is no bid it's clear now that the share price will probably slide right back to 20p. When you think about it, it is just human nature. And why it is very possible there will be a very big sell-off before the bell tonight as it is the last chance to get out. So I don't think the market is telling us anything about the likely take-out price be it by Vodafone or others. I think it is telling us that a bird in the hand is worth two in the bush and no more than that.
rogermauricesmith: I just don't have the faith that some of you guys do in the competence of the market makers in the city and the notion that the current share price is the key governing factor of what the ultimate take-out price will be. At the risk of repeating myself these are the same people that valued this same business at £2.5 billion and £300 million all in the space of 18 months. This is how I see it (for what it is worth). Currently the three parties and their lawyers, CW, Vodafone and Tata, up to 20 people on each team, will be in different conference rooms in one building (possibly at Morgan Stanley's offices in Canary Wharf – I'm guessing), flitting back and forth negotiating a deal. The floor where the rooms are will be locked down and no one involved will even dare tell their wives what the situation is, let alone anyone else. In fact they won't even see their wives and this will be going on all night, tonight and no one will expect to get home. All being well the board of CW will meet tomorrow to make a decision. Every one of the 60 odd people involved in these negotiations will be high-powered people on £600,000 a year plus salaries. No one will risk leaking any price sensitive information - the risk of detection nowadays is just too high and they have too much to lose. So I don't believe any of the market makers have any clue what is going to happen tomorrow evening. Certainly I don't believe the share price would have behaved as it has today if they did. Old Town I really believe the share price is shouting out loud "we don't have a clue". But if you are right (and you could well be) and the offers are only in the 36p/37p mark then the CW board will reject them leaving Vodafone and Tata just a few hours to decide whether to go hostile and with that the risk that they may decide to wait and see for six months. But I can't believe Tata would want to take that risk - it needs CW too much.
rogermauricesmith: Old Town 1) Surely subscribing to the 'Common Sense' theory tells you that CW is worth between £1.5bn and £2bn. But as ever it is only worth what someone is prepared to pay. I've made some predictions based on what I think CW is worth but ironically the only thing that matters to getting a price at these levels is there being more than one bidder. I can't believe that there are not one or two other bidders out there running the slide rule over CW. Whatever you think of CW as a company, these sort of assets only come along once in a lifetime. 2) I was looking at average volume over the last 20 days and mistook your argument. Specifically there was a spike that day (28th March) and the price dropped 5p. Your argument is that insiders were selling on the basis that Tata had made an indicative bid of 35p. But that is seemingly contradicted by the company's own statement and the FT report. Also if 35p was an indicative (i.e. opening offer) why push the price below it. £30 million of shares were bought and sold that day some 3% of the shares outstanding - whether that is significant in a takeover situation I don't know. What seems clear is that small volumes are moving this share price significantly. The daily trading volumes since then , or before then, are neither here nor there - some £3 million a day. 3) Okay – that's what I thought. But you are making a giant assumption that it was the reason for the share price fall (but it doesn't mean to say you are wrong). My theory on the reason for the price fall; see point 7 below. 5) I disagree I think the historical value of CW is relevant when assessing the current situation. When it was demerged that was the value everyone (insiders- people who should know) thought it was worth was £2.5 billion. A year later the City thought it was worth only £300 million. 6) I do think you are wrong on the net debt situation. I think CW is debt free when its cash is netted off against its debt. So any debt would be paid off from CW's own cash. Perhaps you could take a look at that again and recalibrate as it affects your own prediction as to take out price. Assuming CW is actually debt free, I calculate your predicted take out price at 41p (£1.1 billion). 7) As you know I don't think Vodafone will bid. Probably that is what is keeping the share price low and may have caused the volume spike and price drop on the 28th March - as Gavin Darby possibly fought to keep Vodafone interested. If Vodafone is showing a lack of interest then it will probably be widely known in the City and that is of course music to Tata's ears. Darby is in a very weak position with only one bidder. He will not let Tata have the company cheap. And if I am right then Tata will be forced to pay a respectable price to get board support. The minimum respectable price is probably 45.5p. I would have thought it highly unlikely that Gavin Darby would support a Tata bid at 35p. If Tata desires the support of the board it must know that a bid of around 45.5p is the minimum that will buy CW. Darby will be loath to accept that but if Tata is the only bidder he will be forced to face reality. As you know I utterly convinced that Tata has to buy CW to get scale in the telecoms industry and boost its own lowly market value. Without CW Tata Communications own future is not a pretty one. 8) 45.5p would be a 38% uplift on current price. Not unreasonable in a bid situation. Remember no one has actually bid yet. In fact you could say it was normal. This reminds me so much of the Rowntree/Nestle takeover.
cyan: do not get me wrong. I have an interest in seeing CW. share price rise and it be bought at a huge premium. Until the Indian government puts something in writing i must discount them. Likewise it would not be a good idea to assume Virgin will play. You have to make your bottom line assessments based on what facts we have and adjust your investment strategy accordingly. There's enough if's but's and maybe's to float a battleship already. For clarity today was my last purchase on a risk /reward assessment. I see North of 40p still, its just where?
mark1000: The stinger VOD are trying to keep a lid on on the CW. share price and doing a good job of it. Its all about the assets and VOD knows all about them. It is interesting to see how the relationship between VOD and our CEO works out. Things could either be cushty as Dell boy would say or we might see some fireworks with personal feelings trumping pragmatic business dealings. My guess is that VOD will be sounding out the big institutions and will start with a bid of 40p any lower will be seen as opportunistic and in order to defeat a spirited defence will finally get it for a knock out 50p bid. This could be seen as a victory for both sides Vodaphone paid more than they wanted but got assets they wanted /need at a discount and CW. management achieved a T/O price that few expected.
5dally: The Motley Fool Cable & Wireless Worldwide Concentrates On Cash By Cliff D'ArcyEmail . Published in Company Comment on 16 February 2012 0 comments The telecoms group cuts costs and capital expenditure as it awaits Vodafone's bid. These must surely be interesting times for Gavin Darby, latest chief executive of Cable & Wireless Worldwide (LSE: CW). Waiting for Vodafone While Darby tries to settle into his new role, the global telecoms firm which he heads (founded way back in the 1860s) faces the prospect of a potential bid from mega-cap rival Vodafone (LSE: VOD). On Monday, indications of interest from the FTSE 100 giant sent C&WW's shares soaring by 45% to 28.5p. Despite this leap, C&WW's share price has plunged since it demerged from Cable & Wireless in March 2010. By April 2010, the group was valued at around £2.5 billion, but its shares have gone into sharp decline since. Today, C&WW has a market value of under £710 million, so the past two years have been a terrible time for its owners. Darby only took the helm at C&WW on 28 November 2011, becoming the FTSE 250 firm's third chief executive in five months. Hence, not even three months into the job, he has to decide whether to push ahead with the group's turnaround plan, or throw in the towel and hand over the business to its £88 billion rival. According to the Daily Telegraph, Darby -- who joined C&WW from Vodafone -- stands to pocket a windfall of £600,000 (one year's basic salary) if his former employer successfully takes over C&WW. This is thanks to a 'change of ownership' clause in his contract of employment. Turning the tanker around The big question is how much can Darby and C&WW's other directors convince Vodafone to pay for the group? C&WW has almost 2.75 billion shares in issue, so a bid of 30p a share would cost almost £824 million, which is peanuts for a company of Vodafone's size. Of course, it's in C&WW's interests to talk up its prospects, so as to attract a knockout offer. Hence, after three profit warnings last year, investors closely scanned the firm's latest quarterly results, released this morning. The good news is that the company's outlook for the 2011/12 financial year remains unchanged. Also, the group is on track to refinance its £260 million revolving-credit facility, so it is on good terms with its lending banks. The group provides managed voice, data, hosting and IP-based services to over 6,000 organisations, including 70 FTSE 100 companies. While it aims to retain and acquire customers "across all sectors", it is increasing its hosting capacity in the UK and overseas to cope with rising demand. Trading in the final three months of 2011 was in line with management expectations, but "challenging market conditions continue". However, Darby has shifted the group's focus towards "sustainable" cash flow and improved returns on capital. As a result, £20 million of this year's capital expenditure has been put on hold. Also, C&WW aims to cut costs and "reduce business complexity", which has led to a 7% drop in its workforce during 2011/12, with more jobs set to go. Valuation Darby and his fellow directors plan to release C&WW's medium-term strategic plan in May 2012. In the meantime, it seems to me that Vodafone could be well on the way to bagging a bargain. Although its share price is deeply depressed, C&WW has some highly prized tech assets, plus a blue-chip client list to be proud of. Were Darby to succeed in reinvigorating C&WW by raising its margins and improving operational efficiency, there's no doubt that its share price would be a multiple of today's 26.9p. Nevertheless, as things stand, the group's shares trade on a forecast price-earnings ratio around 10 and offer a forward dividend yield of 3.4%, covered three times. To me, these are undemanding fundamentals for a long-established company with global reach, so I would not part with Cable & Wireless Worldwide shares at their current level. My advice would to C&WW shareholders would be to sit back, hold tight and await developments, as this bid battle has only just begun.
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