Tags: Charter | cable | Time Warner | takeover

Charter Proposes Time Warner Cable Board Slate in Takeover Move

Tuesday, 11 Feb 2014 10:07 AM

Charter Communications Inc. nominated a slate of board members for Time Warner Cable Inc., part of a plan to bring its takeover offer directly to shareholders of the second-largest U.S. cable company.

In addition to nominating 13 directors, Charter proposed amendments to Time Warner Cable’s bylaws to limit expansion of the board and to repeal bylaws adopted by the board after July 26, 2012, according to a statement today.

Time Warner Cable Chief Executive Officer Rob Marcus rebuffed Charter’s $132.50-a-share offer in January, saying he was open to a deal at $160 a share. Charter, the fourth-largest U.S. cable carrier, has said a merger would cut costs such as programming and technology as the industry adjusts to lower demand for cable TV.

“It is clear from our meetings with Time Warner Cable shareholders that there is an overwhelming desire to combine these two companies,” Charter CEO Tom Rutledge said in the statement. “Now is the time for the current board and management of Time Warner Cable to respond to their shareholders and work with us to complete a merger.”

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Charter Communications Inc. nominated a slate of board members for Time Warner Cable Inc., part of a plan to bring its takeover offer directly to shareholders of the second-largest U.S. cable company.
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2014-07-11
Tuesday, 11 Feb 2014 10:07 AM
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