Deals
Vodafone Gets Approval for C&W Bid as Orbis Drops Opposition
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Vodafone Group Plc won shareholder approval for its 1.04 billion-pound ($1.6 billion) takeover offer for Cable & Wireless Worldwide Plc after the target’s largest investor rescinded its opposition.
The bid was approved by 87.5 percent of Cable & Wireless shareholders who voted at a shareholder meeting today, taking it beyond a minimum threshold of 75 percent, the company said in a statement. Orbis Holdings Ltd., which owns 19.1 percent of Cable Wireless and earlier this year said the offer undervalues the company, today accepted the bid. Cable & Wireless rose as much as 8.5 percent in London.