Elliott moves in bid battle for CWW

Bankers advising Vodafone and Tata Communications are poised to ask for an extension to Thursday's Cable and Wireless Worldwide (CWW) £1bn bid deadline amid growing frustration about the lack of access given by the telecoms company.

UBS, acting for Vodafone, and Standard Chartered and Morgan Stanley, working for Tata, are believed to be ready to approach the Takeover Panel to extend the March 29 'put up or shut up' deadline by which each must make an offer or walk away for the next six months.

Bankers on both sides are understood to feel that CWW's management, led by chief executive Gavin Darby, has not provided enough information to the would-be bidders.

Meanwhile, activist hedge fund, Elliott Management, has begun building a stake in CWW. It is understood that New York-based Elliott - founded by Paul Singer - is intent on influencing the eventual outcome of the potential bidding war.

The level of stake building to date has been small - as of Friday night Elliott Advisors, one of its subsidiaries, owned derivatives equivalent to 0.62pc of CWW's shares.

A Tata spokesman said discussions with CWW were ongoing. Spokesmen for Elliott, Vodafone and CWW declined to comment.

Bankers on both sides are understood to feel that CWW's management, led by chief executive Gavin Darby (pictured), has not provided enough information to the would-be bidders.

UBS, acting for Vodafone, and Standard Chartered and Morgan Stanley, working for Tata, are believed to be ready to approach the Takeover Panel to extend the March 29 'put up or shut up' deadline by which each must make an offer or walk away for the next six months.

Bankers on both sides are understood to feel that CWW's management, led by chief executive Gavin Darby, has not provided enough information to the would-be bidders.

Meanwhile, activist hedge fund, Elliott Management, has begun building a stake in CWW. It is understood that New York-based Elliott - founded by Paul Singer - is intent on influencing the eventual outcome of the potential bidding war.

The level of stake building to date has been small - as of Friday night Elliott Advisors, one of its subsidiaries, owned derivatives equivalent to 0.62pc of CWW's shares.

A Tata spokesman said discussions with CWW were ongoing. Spokesmen for Elliott, Vodafone and CWW declined to comment.