Charter says it would pay $132.50 in cash and its own shares for TWC stock. Including debt, the entire deal is valued at $62.35 billion. It is third bid Charter has made for Time Warner Cable. Holders of TWC stock would end up with a 45% stake in the combined company if the deal goes through, Reuters notes.
News of the latest bid sent TWC stock up more than 2% in Tuesday morning trading, while CHTR stock climbed modestly.
TWC’s board called the new offer “grossly inadequate.” TWC stock has gained more than 40% since May, mostly on rising speculation that the pay TV service provider was an acquisition target.