Newly promoted Time Warner Cable CEO Rob Marcus says he's confident his board would reject Charter Communication's recent $37.3 billion acquisition offer even if some board members were nominated by Charter.
Board members must act in the interest of shareholders, and that duty would keep them from approving Charter's offer because it undervalues the company, Marcus said Thursday on CNBC's "Squawk on the Street."
"The idea of waging a proxy fight here strikes me as a less-than-viable strategy," Marcus said. "I'm confident that [board members] would actually come to the same conclusion about the value that we can create versus what Charter is offering. I certainly do."
Charter offered $132.50 a share earlier this month, and Time Warner Cable countered by saying it would only consider a deal worth $160 per share. Marcus stood his ground on Thursday, but left open further talks.