Charter Communications Inc. made its boldest move yet to buyTime Warner Cable Inc., nominating a full slate of board members asit seeks to usher the second-largest U.S. cable company to thebargaining table.
In addition to nominating 13 candidates to replace Time WarnerCable's directors, Charter proposed amendments to the company'sbylaws, according to a statement today. The changes would limitexpansion of the board and repeal bylaws adopted by directors afterJuly 26, 2012.
Time Warner Cable Chief Executive Officer Rob Marcus rebuffedCharter's $132.50-a-share offer in January, saying he was open to adeal at $160 a share, a difference of about $7.5 billion excludingdebt. Charter, the fourth-largest U.S. cable carrier, has said amerger would help the companies save money on programming andtechnology as the industry adjusts to lower demand for cableTV.
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