Charter Communications Inc upped its pressure on Time Warner Cable to accept its $37.3 billion hostile takeover bid for Time Warner Cable by announcing a slate of 13 nominees to the larger cable operator's board on Tuesday.The nominations are Charter's latest move to try to acquire Time Warner Cable after its offer of $132.50 per share was rejected for being too low in mid-January. Charter has been considering whether to raise its offer to the low $140s, Reuters has previously reported, but did not make any mention of a higher offer on Tuesday.Brean Capital analyst Todd Mitchell said he expected the company to make a higher offer with its slate, because he said it will be hard for shareholders to back these nominees without the money behind a higher bid."I don't understand how this will work logistically unless they have overwhelming support from the shareholders," Mitchell said. "I don't understand from a tactical perspective what this accomplishes without a higher bid."
Charter Communications, Inc. (Charter) provides cable services in the United States, offering a range of entertainment, information and communications solutions to residential and commercial customers. Shares of CHTR traded higher by 0.95% or $1.31/share to $138.93. In the past year, the shares have traded as low as $76.19 and as high as $144.02. On average, 1129770 shares of CHTR exchange hands on a given day and today's volume is recorded at 408098.
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 fell by 0.21% or $-0.29/share to $135.41. In the past year, the shares have traded as low as $84.57 and as high as $139.85. On average, 2856880 shares of TWC exchange hands on a given day and today's volume is recorded at 695061.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 1.34% or $0.85/share to $64.50. In the past year, the shares have traded as low as $51.62 and as high as $70.77. On average, 4977370 shares of TWX exchange hands on a given day and today's volume is recorded at 1822022.
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