Time Warner Cable Inc's board of directors unanimously rejects third grossly inadequate proposal from Charter Communications Inc


Monday, 13 Jan 2014 06:38pm EST 

Time Warner Cable Inc:Says that its board of directors has unanimously rejected a third grossly inadequate proposal from Charter Communications Inc to acquire TWC.Says the proposal was described only generally in a letter received today from Charter as being in the 'ow $130s.Says based on an interview with Charter CEO, Tom Rutledge, Bloomberg reported that the offer was for $132.50, consisting of $83.00 in cash and $49.50 in Charter stock.Says Charter had previously offered cash and stock nominally valued at about $114 in June and about $127 in Oct.Says Morgan Stanley, Allen & Company and Citigroup are serving as financial advisors to Time Warner Cable, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is legal counsel. 

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24 Oct 2014