Both CNBC and Bloomberg News reported on Wednesday that the cable giant was set to purchase the rival company for $159 per share in an all-stock deal. Charter Communications had previously been attempting a hostile takeover, which TWC’s chairman rejected on Tuesday as trying to “steal the company.”
Comcast is the largest cable company. TWC is the second-largest. A merger between the two cable giants would surely require scrutiny by the FCC.
CNBC’s David Faber reported in a tweet about the pending deal, saying it would be announced on Thursday.
With 277.9 million Time Warner Cable shares outstanding, the deal would have a market value of $44.2 billion. With Time Warner Cable stock closing up in today’s session at $135.31, up 41 cents, the deal would offer TWC holders a nearly 18% premium.
By comparison, Charter had made an offer around $37.3 billion, excluding debt for the company.
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