UPDATE 1-Tata says will not submit Cable & Wireless offer
LONDON, April 18 |
LONDON, April 18 (Reuters) - Tata Communications said on Wednesday that it would not submit an offer for Britain's Cable & Wireless Worldwide because it could not agree on a price.
"Tata today confirms that it has been unable to reach agreement with CWW on an offer price and therefore confirms that it does not intend to make an offer for CWW," the company said in a statement.
The deadline for the Indian company to indicate its intention was Thursday by 1600 GMT.
The deadline still applies to Vodafone, which has also said it was weighing an offer for the cable company.
A spokesman for Cable & Wireless said the company "was still in ongoing talks with Vodafone."
Vodafone could not immediately be reached for comment.
C&W Worldwide, which has issued a string of profit warnings since its demerger from Cable & Wireless Communications in March 2010, has fixed lines that are used by mobile operators to provide links to mobile transmitters and switching offices -- a process known as wholesale backhaul.
It also provides voice, data and hosting services to companies like Next, Tesco and United Utilities, and retains an international cable network connecting more than 150 countries.
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