Charter Communications hostile takeover attempt of Time Warner Cable (TWC) is going into full swing today as it begins a campaign to fully replace TWCs board of directors with its own selections. Charter has nominated 13 candidates to be elected to TWCs board, which Reuters reports will be up for election again at a shareholder meeting that will likely be held in May. If Charter can install its own supporters on the board, it would effectively force TWC to begin discussions about a potential buyout — a deal that its rebuked so far. We are not going to let Charter steal the company. It is clear that Charter is nominating a slate of directors for the sole purpose of pressuring our board into accepting the same lowball offer that it previously considered and unanimously rejected, TWC CEO Rob Marcus says in a statement.
Charter wants to take over Time Warner Cable’s board to speed up buyout
11
Feb
2014
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