Stamford, CT, United States (4E) – Charter Communications is looking to field 13 new directors to Time Warner Cable’s (TWC) board in the next few days, according to people with knowledge of the plan, setting in motion one of the largest hostile takeover bids in recent years.
Charter’s deadline to nominate its directors will be at the end of this week, with specific timing depending on the date of TWC’s annual shareholder meeting slated for May.
Sources say that Charter may not increase its offer for TWC while nominating the directors, although some investors expect the Stamford, Conn.-based media firm will come up with a raised offer. Charter is likely wait until later in the proxy fight campaign before pushing up the price, sources said.
Charter is also expected to pursue negotiations for a deal privately.
Last month, Charter made an offer for TWC worth $61bn including debt, which valued the New York-based company at $132.50 per share. TWC rejected the offer saying it was “grossly inadequate”, although it will engage in discussions in a $160 per share offer.
All 13 of TWC’s board members will be up for re-election during the company’s annual shareholder meeting in spring, giving Charter a rare chance to take complete control of the board.