Cable & Wireless Worldwide Boosted by bid hopes

CABLE & Wireless Worldwide was in focus yesterday on hopes that a recent approach for its international assets could flush out more suitors.

Shares in the telecoms group gained 2p to 521⁄2p as Investec told clients to buy, noting that the advances by Hong Kong and Singapore group Pacnet, although rebuffed, could lead to more widespread interest in Cable’s businesses.

The broker said: "Pacnet’s approach does serve to illustrate that other telcos are beginning to look at Cable as an undervalued asset play. More appropriate bids may yet emerge for Cable, in whole or in part."

Source: The Express, 25th June 2011

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