Charter to push slate for Time Warner Cable board

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Associated Press

Posted on February 11, 2014 at 10:00 AM

Updated Tuesday, Feb 11 at 10:02 AM

STAMFORD, Conn. (AP) — Charter Communications says it's nominating a full slate of 13 candidates for election to Time Warner Cable's board as it pushes forward with its takeover bid.

Charter also wants Time Warner Cable's shareholders to amend the company's bylaws to lock the size of the board at 13 members and to repeal any bylaw changes that were adopted by the board without shareholder approval after July 26, 2012.

In January, Charter said it would take its cash-and-stock offer of about $38 billion, or about $132.50 per share, directly to Time Warner Cable shareholders. The offer was previously rejected by the company's management.

Time Warner Cable Chairman and CEO Rob Marcus says "we are not going to let Charter steal the company" with a lowball offer.

Time Warner Cable shares slipped in morning trading.

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