Describes the auction of Cable & Wireless America (CWA), a bankrupt subsidiary of the British telecommunications company Cable & Wireless. During an initial “stalking horse” bid the assets estimated at $ 125 million, after a long day and night of bidding between eight groups, was the best offer in the high $ 60 million range. The sell-side team of bankers from the Blackstone Group and Greenhill and lawyers from Wachtell Lipton and Kirkland & Ellis is being forced to regroup and rethink their o … Read more »

Describes the auction of Cable & Wireless America (CWA), a bankrupt subsidiary of the British telecommunications company Cable & Wireless. During an initial “stalking horse” bid the assets estimated at $ 125 million, after a long day and night of bidding between eight groups, was the best offer in the high $ 60 million range. The sell-side team of bankers from the Blackstone Group and Greenhill and lawyers from Wachtell Lipton and Kirkland & Ellis is being forced to regroup and rethink their options for galvanizing the tender. Describes these events in detail, while providing information to students on the CWA history, the nature of § 363 auctions and the bidders that were involved in the process.
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from
Guhan Subramanian,
Eliot Sherman
Source: HBS
11 pages.
Release date: 05 July, 2007. Prod #: 908004-PDF-ENG
Cable & Wireless America HBR case solution

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