Charter tries to buy Time Warner, create cable giant to challenge Comcast

Charter Communications has offered to buy Time Warner Cable (TWC) for $61.3 billion, taking its case directly to shareholders because TWC management turned down its previous overtures.

“We haven’t received a serious response,” Charter CEO Tom Rutledge told Bloomberg today. Rutledge complained that TWC rejected its $61 billion bid and made an unrealistically high counter-offer.

Charter released an announcement saying, “Time Warner Cable’s response led Charter to determine there is no genuine intent from Time Warner Cable’s management and Board of Directors to engage in a merger agreement, and that it is prudent to bring the matter to shareholders directly.”

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via Ars Technica http://feeds.arstechnica.com/~r/arstechnica/index/~3/E4bJUjJetjg/

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