Charter proposed to buy Time Warner Cable for about $61.3 billion, or $132.50 a share, Bloomberg News reported.
"We are the only large pure-play, non-family controlled cable operator in the United States, with 15 million customers in some of the country's best markets," said Rob Marcus, CEO of Time Warner Cable, in the statement. "We are not seeking to sell the company, but consistent with what we have always said about maximizing shareholder value, on December 27 we made it clear to Charter that our board is open to a transaction with Charter at a price of $160 per TWC share, consisting of $100 in cash and $60 per share of Charter common stock, subject to a symmetrical 20 percent collar to protect our shareholders...."
The Charter offer included about $49.50 in Charter stock and $83 cash per share of Time Warner Cable, Tom Rutledge, Charter's chief executive, said in a Bloomberg interview. The bid is the third-largest for any global company since 2009, the news site reported.