Charter offers to buy Time Warner Cable for $132.50 p/shr -source

NEW YORK Mon Jan 13, 2014 4:25pm EST

NEW YORK Jan 13 (Reuters) - Charter Communications Inc has made a verbal offer to buy Time Warner Cable Inc for $132.50 per share, a person familiar with the matter said on Monday.

Charter held discussions with Time Warner Cable, which responded that it wanted a higher bid, the person said.

Charter is offering to pay $83 per share in cash and the rest with its own stock, and is preparing to take its bid to shareholders of Time Warner Cable, the person said, asking not to be named because the matter is not public yet.

Charter declined to comment, while Time Warner Cable could not be immediately reached for comment.