C&W Worldwide granted takeover extension Cable & Wireless Worldwide has been granted an extension for potential bidders to make an offer for the UK-based telecoms group, giving Vodafone and Tata Communications an extra three weeks to work on the terms of a possible deal. Vodafone and Tata Communications, the data services division of India's Tata Group, have both expressed interest in a possible cash bid for the group, although neither has formalised their approach with an indicative or firm offer. In a statement, C&W Worldwide said that Vodafone and Tata Communications have until April 19 to establish whether their preliminary discussions might result in a formal offer for the company, which the board would be willing to recommend. It added that there was no certainty that any offer will be made. People familiar with the situation had been told to expect the move this week as C&W Worldwide sought to ensure bidders were given the fullest possible time to come up with an acceptable offer. Shareholders have urged management to be as co-operative as possible to bidders given a share price that had dropped by three-quarters in a year ahead of the boost given by the takeover approaches. The failure to agree a takeover could also lead to a drawn-out restructuring of the business, shareholders have warned. The market value of C&W Worldwide has almost doubled since interest emerged last month. The shares were up 0.2 per cent at 34.06p on Thursday, valuing the group's equity at about £930m. People with knowledge of the talks said there had been progress with potential bidders, although discussions over price for a bid were still at an early stage. Tata Communications is close to finalising a financing package to fund its bid following talks with several banks to provide debt. Analysts have forecast greater synergies with Vodafone, for which the acquisition is relatively small, which could provide a pricing advantage, although there is also the risk of greater adverse publicity for the UK-based group. The extension to the deadline set by the Takeover Panel is the second in the process for Vodafone, which was the first to confirm its interest. Earlier this month, CWW sought, and was granted, an extension to give Vodafone the same amount of time as Tata Communications to make a bid. Under new rules, bidders have an automatic "put up or shut up" deadline of 28 days from when they first confirm their potential interest in making an offer. The Takeover Panel, the regulator that governs mergers and acquisitions in the UK, can grant an extension if the board of a target company seeks it. Otherwise the companies have to table a bid, or withdraw from bidding for six months. Standard Chartered and Morgan Stanley are advising Tata Communications. Rothschild and Barclays are advising C&W Worldwide. UBS is advising Vodafone. Additional reporting James Crabtree and Neil Munshi