In latest twist in the cable M&A soap opera we’ve been treated to these past few months, Charter is taking its case to a proxy fight. In an SEC filing this morning, they apparently now soliciting proxies from TWC shareholders to vote against the proposed merger with Comcast.
The reasoning? As you might expect from a filing like this, there is a laundry list, but the top item is that regulators are likely to balk or at least delay things a lot, Comcast’s stock price has fallen and hence the deal’s value has dropped substantially, and that TWC failed to consider alternatives when it agreed to the deal.
Their chances of getting shareholders to revolt? Pretty slim I think, seeing as their own bid wasn’t in the same ballpark. But I rather doubt they expect outright victory. I continue to think that Charter is just looking to insert itself in here as far as it can, and make off with the biggest, juiciest piece of TW Cable it can get Comcast to divest.
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