Cable & Wireless Worldwide began circulating documents related to its proposed acquisition by Vodafone Group, noting in its results release that taking into account its long-term transformation plan and its potential benefits, alongside the potential risks, “the Vodafone offer represents an excellent opportunity for shareholders to realise an attractive valuation in cash today.” In the year to 31 March 2012, CWW reported a net loss of £543 million, compared with a prior-year profit of £208 million, on revenue of £2.1 billion, down from £2.3 billion.