Charter takes Time Warner Cable bid to shareholders

Jan 13, 2014

Charter Communications on Monday went to shareholders with its multi-billion-dollar bid to buy Time Warner Cable.

Charter said in a release that the move comes after submitting several snubbed proposals, most recently a December cash-and-stock offer valued "in the low $130s" per .

There were reported to be 281.89 million shares of Time Warner Cable shares outstanding, meaning a Charter bid of $132 each would translate into a purchase price about $37.1 billion not counting any assumed debt.

"Time Warner Cable's response led Charter to determine there is no genuine intent from Time Warner Cable's management and Board of Directors to engage in a merger agreement, and that it is prudent to bring the matter to shareholders directly," Charter said in the release.

Time Warner shares were up slightly from its closing price to $134.60 in after market trades on Monday.

"We are fully prepared to finalize a deal on an extremely expedited basis," Charter chief executive Thomas Rutledge said in a copy of a letter sent to the head of Time Warner Cable.

US cable television and Internet titan Comcast is also seen as potential suitor of Time Warner Cable.

Explore further: Charter to bid below $135 a share for TW Cable

add to favorites email to friend print save as pdf

Related Stories

Charter to bid below $135 a share for TW Cable

Dec 13, 2013

Cable TV operator Charter Communications Inc. is preparing to send a letter offering to buy the much larger Time Warner Cable Inc. for below $135 per share as early as Monday.

CBS blasts Time Warner Cable offer to end fight

Aug 06, 2013

CBS chief executive Les Moonves blasted an offer from Time Warner Cable to end a blackout over fees that lingered into its fifth day Tuesday, calling it a clever public relations ploy.

Recommended for you

Apple a decade behind Japan mobile payment curve

15 hours ago

Apple's proud announcement that its new iPhone could be used to buy goods in a single swipe left customers non-plussed in Japan, where mobile contactless payments have been normal fare for a decade.

Alibaba IPO gives fresh life to Yahoo

18 hours ago

China's Alibaba will star on Wall Street with its upcoming stock offering, but US-based Yahoo also gets a windfall, which may help the turnaround efforts of the fading Internet pioneer.

China's Alibaba sets new path with US IPO

18 hours ago

With a possible record-breaking stock offering, Chinese online giant Alibaba is set to boost its role as a global company with a massive expansion potential.

Netflix sets sights on European screens

Sep 13, 2014

US online streaming giant Netflix will launch the second phase of its European expansion plan on Monday as it sets about seducing French viewers with a "House of Cards"-style drama set in Marseille.

User comments : 0