Wednesday, December 24, 2014

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Time Warner Cable Says Charter's Proposal to Buy Company a 'Non-Starter'

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TWC News: Time Warner Cable Says Charter's Proposal to Buy Company a 'Non-Starter'
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Charter Communications announced Monday a formal offer to buy Time Warner Cable, but Time Warner Cable officials called it grossly inadequate.

Charter announced Monday that it was offering to buy the nation's second-biggest cable provider in a deal worth more than $130 a share, but Time Warner Cable's Chairman and CEO Rob Marcus flatly rejected the proposal, saying, "Charter's latest proposal is a non-starter," and that it substantially undervalues the company.

Marcus said that the Time Warner Cable board is not looking to sell but would be open to an offer of $160 a share.

Time Warner Cable is the parent company of NY1.

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