Charter to push slate for Time Warner Cable board
STAMFORD, Conn. (AP) — 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.
In January, Charter said it would take its cash-and-stock offer of about $132.50 per share directly to Time Warner Cable shareholders. The offer was previously rejected by the Time Warner Cable’s management, which has said the company would accept a bid of $160 per share in cash and stock.
Charter didn’t raise its offer on Tuesday, with CEO Tom Rutledge saying in a statement that there is “overwhelming desire” among shareholders for a merger.
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 nominees include a couple of 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 57 cents to $135.13 in midday trading, a price that suggests the market believes a higher offer is likely.
Shares of Stamford, Conn.-based Charter rose 44 cents to $138.06.
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