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TWC Stock – Time Warner Cable Rejects $62B Bid From Charter

It's Charter's third bid for the cable TV provider


time warner cableTime Warner Cable (TWC) quickly dismissed the latest merger offer from Charter Communications (CHTR) on Monday.

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.

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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.

Charter is controlled by billionaire John Malone’s Liberty Media (LMCA). Malone has expressed interest in consolidating cable TV providers.

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