Charter withdraws slate for Time Warner Cable's board

Wed Apr 30, 2014 12:14pm EDT

A cable truck returns to a Time Warner Cable office in San Diego, California December 11, 2013. REUTERS/Mike Blake

A cable truck returns to a Time Warner Cable office in San Diego, California December 11, 2013.

Credit: Reuters/Mike Blake

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(Reuters) - Charter Communications, which lost out to Comcast Corp in a bid to acquire Time Warner Cable Inc, has withdrawn its slate of nominees to Time Warner Cable's board.

As part of a deal with Comcast announced on Monday to swap customers, Charter had withdrawn its slate a Charter spokesman said on Wednesday.

Charter had said in February that it was nominating a slate of 13 candidates for election to Time Warner Cable's board as part of its push to take over the larger company for $38 billion, shortly before Comcast swooped in with a winning offer of $45 billion.

Time Warner Cable said in a filing to the Securities and Exchange Commission on Tuesday that Charter had withdrawn the slate April 25.

It also said in the filing that it had scheduled its annual shareholder meeting for June 5 in New York.

However, Time Warner Cable said shareholders will not be asked to vote on the merger with Comcast at that time. The deal is subject to regulatory approval.

The company plans to set a special meeting for a vote on the transaction later in 2014.

(Reporting By Nicola Leske; Editing by Chris Reese)

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