Time Warner (TWC) Higher as Charter (CHTR) Steps Up Merger Efforts
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Time Warner Cable, Inc. (NYSE: TWC) is sharply higher Friday on reports Charter Communications Inc. (NASDAQ: CHTR) has hired Goldman Sachs to pursue a bid for the company, according to reports from Bloomberg.
The hiring of a banker suggests that Charter's CEO Tom Rutledge and billionaire John Malone are serious after revisiting a tie-up after a potential deal to acquire Time Warner Cable was spurned earlier this year.
Source indicated that Time Warner turned away an informal offer from Charter at the end of May as the offer didn't offer a premium.
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In addition to rumors of a possible takeover, Time Warner Cable is in the news today as its dispute with CBS (NYSE: CBS) gets nasty.
Shares of Time Warner Cable are up 3% to $117.31 mid-day Friday. Meanwhile, Charter is up 2.7%.
The hiring of a banker suggests that Charter's CEO Tom Rutledge and billionaire John Malone are serious after revisiting a tie-up after a potential deal to acquire Time Warner Cable was spurned earlier this year.
Source indicated that Time Warner turned away an informal offer from Charter at the end of May as the offer didn't offer a premium.
Link
In addition to rumors of a possible takeover, Time Warner Cable is in the news today as its dispute with CBS (NYSE: CBS) gets nasty.
Shares of Time Warner Cable are up 3% to $117.31 mid-day Friday. Meanwhile, Charter is up 2.7%.
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