Friday, July 25, 2014   

Charter pushes Time Warner bid
(01-14 09:58)

Charter Communications went to shareholders with its multi-billion-dollar bid to buy US giant 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 US$130s’’ per share.
There were reported to be 281.89 million shares of Time Warner Cable shares outstanding, meaning a Charter bid of US$132 each would translate into a purchase price about US$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 US$134.60 in after market trades Monday in the US.
“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.--AFP

   
Other Business breaking news:
German business confidence down in July (15 mins ago)
Hang Seng finishes on positive column (49 mins ago)
RBS reports sharp recovery (51 mins ago)
European markets open lower (52 mins ago)
German consumer confidence improves (2 hrs 17 mins ago)
Nikkei ends at six-month high (2 hrs 31 mins ago)
Resale home price down in second quarter (07-25 12:42)
Japan's inflation heat up in June (07-25 12:41)
Hong Kong stocks flat at lunch (07-25 12:19)
Nikkei gains by mid-day (07-25 11:06)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.