Time Warner Cable rejected an acquisition offer from Charter Communications valued at more than $61 billion including debt, spurning the biggest unsolicited takeover bid since 2008.
Time Warner Cable chief executive Rob Marcus called the $132.50-a-share bid a “low-ball offer” in an interview yesterday. The proposal included about $83 cash per share and about $49.50 in stock, according to Charter. Excluding debt, the deal would be worth about $37.3 billion.
Charter, backed by billionaire John Malone, is seeking...
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