Charter offers $61B for Time Warner Cable

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After several repeated rebuffs by management, Charter Communications has taken an offer directly to shareholders in a bid to buy Time Warner Cable (TWC) for $61.3 billion.

The possibility of a proxy battle was summarily dismissed by executives of Time Warner Cable, who said Charter's offer was too low for the nation's second-largest cable operator.

"Charter wants a premium asset at a bargain-basement price, and that's just not going to happen," said Time Warner Cable Chief Executive Officer Rob Marcus.

Marcus said the company is open to a deal with Charter for $160 a share, or $100 in cash and $60 in Charter common stock.

Charter is looking to create a media provider of TV, Internet and phone service for almost 20 million subscribers within 38 states. The combined business would end up being the third-largest pay-TV operator ranked by number of customers; behind Comcast Corp. and DirecTV.

Charter says the new company would help it generate cost savings and negotiate better programming deals.

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