C&W Worldwide shares dive as Tata pulls out of bid war

Shares in Cable & Wireless Worldwide (CWW) have plunged after Tata Communications said it would not be making a bid.

Shares in CWW were 23% lower in morning trade on Thursday in the wake of Tata's announcement.

The shares had enjoyed steep rises at the prospect of a bidding war.

Tata said it had not been able to agree a price with CWW and its withdrawal leaves only Vodafone as the possible bidder.

Tata said it had not been able to agree a price with CWW.

CWW specialises in networking and broadband for corporate clients, including Tesco and the UK police service.

It split from Cable & Wireless's Caribbean-based telecoms arm in 2010.

Its chief executive said earlier this year that the company needed a new direction.

Gavin Darby said last month that the firm was over-complex and lacked investment.

Source & Image : BBC