Charter Communications has asked Time Warner Cable (TWC) investors not to approve a takeover by Comcast, a move that indicates the company is not withdrawing its pursuit of Time Warner Cable without a fight, reported Bloomberg. Comcast, which outbid Charter with a USD 45 billion stock offer, is too prone to regulatory obstacles due to its leading position in the cable industry, Charter said in a filing on 28 March. Time Warner Cable, however, did not engage with Charter to develop a merger deal, Charter said.
Charter is the US' fourth-largest cable company and offered to buy Time Warner Cable for USD 37 billion in cash and stock. The company's bid was rejected by Time Warner Cable chief executive officer Rob Marcus, citing that the bid was too low.
Comcast's merger offer was worth USD 158.82 per share when first announced on 13 February before the market opened. The figure has now fallen to USD 142.77 as Comcast's stock has declined. Charter, which advanced 1.7 percent to USD 123.32 on 28 march, has also dropped 10 percent since the Comcast deal was announced.
