Charter’s proposal to buy Time Warner Cable “fails...
Charter’s proposal to buy Time Warner Cable “fails to adequately compensate and protect TWC shareholders for the risks of owning Charter’s stock,” said TWC in an online presentation released Wednesday (http://bit.ly/1fySOpb). The TWC presentation is intended to refute a similar…
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presentation Charter made public this week in an attempt to persuade TWC shareholders that a Charter purchase is in their favor (CD Jan 15 p9). Charter “is not prepared to pay for a one-of-a-kind asset and instead chose to go public with another low-ball proposal in an attempt to steal the Company,” said TWC. The Charter proposal undervalues TWC and doesn’t compare well with recent cable transactions, TWC said. The presentation includes a chart that compares the Charter proposal to buy TWC unfavorably with TWC’s purchase of Insight, Liberty’s buy of Charter shares, and BC Partners buy of Suddenlink. The chart shows TWC’s counterproposal of $160 a share as being on par with most of the transactions. Charter’s proposal “does not reflect the scale and quality of TWC’s assets and the estimated synergy potential,” said TWC.