- Not surprisingly, Time Warner Cable (TWC) has unequivocally rejected Charter's (CHTR) $132.50/share buyout offer. The company has also confirmed it told Charter last month it's willing to do a deal at $160/share, albeit with a symmetrical collar for the $60/share equity component (rather than an asymmetrical collar, as had been reported).
- Time Warner says Charter's offer values it at 7x EBITDA, a multiple it asserts is "well below past transactions in the cable sector."
- CHTR +1.3% AH. TWC +1.7%.