This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-25723203

The article has changed 3 times. There is an RSS feed of changes available.

Version 1 Version 2
Charter bids $60bn for Time Warner Cable Time Warner Cable rejects Charter's $60bn bid as 'grossly inadequate'
(about 7 hours later)
US cable TV operator Charter Communications has said it is offering more than $60bn (£37bn) to buy Time Warner Cable, its larger rival. Time Warner Cable has rejected a $60bn (£37bn) bid from rival, Charter Communications, saying the offer price was "grossly inadequate".
Charter said it was offering $132.50 a share, with $83 of that in cash and the rest in its own stock. Charter had offered $132.50 a share, with $83 of that in cash and the rest in its own stock, to buy the firm.
It added that it was going public with the offer because of a lack of interest from Time Warner's management in its efforts to purchase the firm. It said it was going public with its offer because of a lack of interest from Time Warner's management in its efforts to purchase the firm.
However, Time Warner said the offer price was "grossly inadequate". But Time Warner said Charter was trying to buy it for a "bargain" price.
"Charter has chosen to go public with its third low-ball offer, trying to pressure Time Warner Cable's board into selling the company at a grossly inadequate price," Rob Marcus, Time Warner Cable's chief executive, was quoted as saying by the Reuters news agency. "In essence, these guys are just trying to get a premium asset at a bargain basement price," Rob Marcus, chief executive of Time Warner was quoted as saying by the Reuters news agency.
"This makes the job of fending it off rather straightforward. Our shareholders will see it as what it is, an attempt to steal the company."
'Unrealistic price expectations''Unrealistic price expectations'
Charter said it had made previous offers to buy Time Warner over the past six months, but had been rebuffed.Charter said it had made previous offers to buy Time Warner over the past six months, but had been rebuffed.
"They came back to us with a design to be dismissive," Tom Rutledge, chief executive of Charter, was quoted as saying by Reuters."They came back to us with a design to be dismissive," Tom Rutledge, chief executive of Charter, was quoted as saying by Reuters.
"They have not engaged with us. All of the conversations have been one-way," he added."They have not engaged with us. All of the conversations have been one-way," he added.
On Monday, Mr Rutledge released a letter he had sent to Mr Marcus, in which he accused Time Warner of having "an unrealistic price expectation".On Monday, Mr Rutledge released a letter he had sent to Mr Marcus, in which he accused Time Warner of having "an unrealistic price expectation".
If the deal were to go ahead, the combined firm would have more than 15 million customers in the US.If the deal were to go ahead, the combined firm would have more than 15 million customers in the US.
The takeover would be the biggest in the sector since 2002, when Comcast acquired AT&T's cable-internet division in a $30bn deal.The takeover would be the biggest in the sector since 2002, when Comcast acquired AT&T's cable-internet division in a $30bn deal.