Time Warner Cable is borrowing a tactic from a three-year-old takeover battle as it seeks to fend off Charter Communications Inc's $37.3 billion unsolicited bid. Time Warner Cable, by publicly naming the price at which it would reconsider its firm opposition to Charter's takeover bid, is following the example of Airgas Inc, which successfully repelled Air Products and Chemicals Inc in 2011 by putting forth a high number for the suitor to reach.In the earlier case, the industrial-gas supplier responded to a $70 per share offer from its rival by saying it would not sell for less than $78 per share. Air Products walked away.Similarly, Time Warner Cable is saying no to the current offer, but not never to any deal. While rejecting Charter's $132.50 per share bid as too low last week, the company simultaneously said it would be willing to accept a bid at $160 per share.Time Warner Cable has put itself in a strong early position by suggesting an immediate counteroffer, deal lawyers and other people watching the situation closely say. The price immediately sets market expectations higher and forces Charter to make the next move.
Airgas, Inc. is a supplier of industrial, medical and specialty gases, and hardgoods, such as welding equipment and related products. Shares of ARG traded higher by 0.21% or $0.24/share to $112.49. In the past year, the shares have traded as low as $88.60 and as high as $113.16. On average, 360405 shares of ARG exchange hands on a given day and today's volume is recorded at 389097.
Time Warner Cable Inc. (TWC) is a provider of video, high-speed data and voice services in the United States with systems located in five geographic areas: New York State, the Carolinas, Ohio, Southern California and Texas. Shares of TWC traded higher by 0.28% or $0.37/share to $134.88. In the past year, the shares have traded as low as $84.57 and as high as $139.85. On average, 2759000 shares of TWC exchange hands on a given day and today's volume is recorded at 1590437.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 1.87% or $1.21/share to $65.76. In the past year, the shares have traded as low as $49.50 and as high as $70.77. On average, 4438190 shares of TWX exchange hands on a given day and today's volume is recorded at 6119303.
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