The cable-consolidation wars could be one of the year's best reality shows — if only it were on TV and not about TV.
Time Warner Cable late Monday rejected a $132.50-a-share bid from John Malone's Charter Communications, calling it "grossly inadequate."
Under the terms of the $83 in cash and $49.50 in stock offer, TWC, the country's No. 2 pay-TV provider, is valued at about $61 billion.
Malone has been among the most outspoken proponents of cable consolidation, in part to gain leverage over the rising costs of sports and other content.
The Charter bid sent TWC shares up 1.9 percent in after-hours trading, to $134.85, as investors felt a better offer could come down the pike.
Charter wrote a letter to TWC Monday suggesting it will take its $61 billion offer directly to TWC shareholders. However, there was no actual binding offer.
Malone said he will make an announcement Tuesday.
Speculation is he will nominate directors to the TWC board and make his case about the logic of combining the businesses.
The deadline for submitting board nominees expires in several days, sources said.
But Malone likely cannot finance a $83-a-share cash bid without first closing his acquisition of Sirius XM, a source said.
At present, Liberty Media owns approximately 53 percent of the satellite-radio provider.
"Charter's latest proposal is a non-starter. … It substantially undervalues TWC and would represent an EBITDA multiple of approximately 7X, well below past transactions in the cable sector," TWC Chief Executive Officer Rob Marcus said in a statement.
Anda sedang membaca artikel tentang
TWC rejects ‘inadequate’ $61B Malone bid
Dengan url
http://bahayaprostat.blogspot.com/2014/01/twc-rejects-ainadequatea-61b-malone-bid.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
TWC rejects ‘inadequate’ $61B Malone bid
namun jangan lupa untuk meletakkan link
TWC rejects ‘inadequate’ $61B Malone bid
sebagai sumbernya
0 komentar:
Posting Komentar