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It looks like my original analysis and follow-up of this takeover were spot on:

http://www.fool.co.uk/news/investing/company-comment/2012/02/13/vodafone-sends-cable-wireless-soaring-25.aspx

"Thus, after Vodafone's due diligence, I would expect any formal bid -- if one arrives -- to be priced in the 30-40p range."

http://www.fool.co.uk/news/investing/2012/04/19/vodafone-has-a-clear-shot-at-cw-worldwide.aspx

" I'm sticking with that belief, as I suspect that a bid around 35p would be enough to win over CWW's largest, long-suffering shareholders."

Final bid: 38p per share.

I do like a nice bit of takeover speculation! :0)

Cliff