Vodafone offers $1.6 bn to take over Cable & Wireless

Telecom operator Vodafone on Monday launched an agreed takeover bid for Cable & Wireless Worldwide PLC which values the company at 1 billion pounds ($1.6 billion).

Vodafone Europe said it is offering 38 pence per share, a 92 percent premium over the closing price on Feb. 10, the day before Vodafone signaled its interest.

The board of Cable & Wireless Worldwide, which supplies cable network services, is backing the offer as "fair and reasonable."

From: http://ping.fm/2en6k