Herbert Smith and Linklaters are in line to advise on the proposed takeover of Cable & Wireless Worldwide (CWW) by Vodafone.

Herbert Smith is acting for CWW with a team led by London corporate partner Christopher Haynes, while Linklaters is understood to be advising Vodafone on its potential bid. The offer is expected to be in the region of £700m.

The bid comes after the 2010 demerger of Cable & Wireless that saw the company separate its communications and worldwide businesses to create CWW and Cable & Wireless Communications (CWC).

Allen & Overy was the primary adviser to the telecoms company on the demerger, which also saw CWC launch a $500m (£316m) bond offering on the London Stock Exchange.

Vodafone said in a statement on 13 February: "Vodafone regularly reviews opportunities in the sector and confirms that it is in the very early stages of evaluating the merits of a potential offer for CWW.

"There is no certainty that an offer will be made, nor as to the terms on which any offer might be made. Any offer, if made, will be in cash, but Vodafone reserves the right to change the specie of consideration."

Vodafone is now required to announce a firm intention to make an offer or state that it does not intend to make an offer by 12 March this year.

Linklaters is Vodafone's long-term adviser, and the magic circle firm last year acted on the telecoms giant's sale of a 5.5% stake in its Indian arm, Vodafone Essar, for $640m (£405m) to Indian pharma group Piramal Healthcare.