Charter Continues to Push for Time Warner Cable, May Raise Bid Reuters
Charter Communications is keeping up the pressure on takeover target Time Warner Cable and is considering raising its bid for the company within the next two weeks, Reuters reports.
Charter is considering a bid in the low $140s, up from its current $132.50 per share, the story reports. That may put pressure on TWC before a proxy deadline.
“While timing of any new bid has yet to be decided and may change, Charter could sweeten its offer before, or at the same time it nominates a slate of directors for Time Warner Cable's board,” the piece notes, citing sources familiar with the discussions.
“The one-month window to nominate a new slate expires in mid-February for the annual shareholder meeting expected in May,” the story reports.
Meanwhile, Charter and Comcast are also talking about a partnership for bidding on the company, and are talking about how to divide up Time Warner Cable’s systems, as we reported last week. Comcast wants Time Warner Cable’s systems in New York City and portions of New England.
Amid the takeover efforts by its rivals, TWC has announced major upgrades to its systems in Los Angeles and New York.