Saturday, October 25th5.9°C
23711
23004

In latest push for Time Warner Cable, Charter to nominate full slate of 13 to rival's board

STAMFORD, Conn. - Charter Communications Inc. said Tuesday that it's nominating a full slate of 13 candidates for election to Time Warner Cable Inc.'s board as it pushes forward with its $38 billion hostile takeover bid.

Time Warner Cable's management has rejected Charter's cash-and-stock offer of about $132.50 per share, saying it would accept a bid of $160 per share in cash and stock.

Charter said in January that it would take the offer directly to Time Warner Cable shareholders, and it didn't raise its bid on Tuesday. CEO Tom Rutledge said in a statement that there is "overwhelming desire" among shareholders for a merger.

Charter says a combination could cut costs, turn around Time Warner Cable's decline in video customers and benefit from having a larger base of Internet service subscribers.

But Time Warner Cable Chairman and CEO Rob Marcus reiterated his opposition, saying in a statement "we are not going to let Charter steal the company" with a lowball offer.

Charter's board nominees include a couple former cable TV executives including Time Warner Cable's former chief technology officer, James Chiddix and Bruno Claude, former CEO of Switzerland's Cablecom.

The move comes ahead of a Saturday deadline for shareholder proposals for New York-based Time Warner Cable's annual shareholders meeting, which is on May 16 in Saratoga Springs, N.Y.

Charter also wants Time Warner Cable's shareholders to amend the company's bylaws to lock the size of the board at 13 members and to repeal any bylaw changes that were adopted by the board without shareholder approval after July 26, 2012.

Time Warner Cable shares slipped 74 cents to $134.96 in midday trading, a price that suggests the market believes a higher offer is likely. Shares of Stamford, Conn.-based Charter rose 38 cents to $138.

The Canadian Press


Read more Business News

23028


Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 





FEATURED Property
2083738252 Magic Drive
4 bedrooms 4 baths
$599,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22771