Charter, TWC Set Special Shareholder Meeting Date
Charter Communications and Time Warner Cable will hold separate special meetings of shareholders on Sept. 21, to vote on its planned merger with Time Warner Cable, the companies said in Securities and Exchange Commission filings Thursday.
Charter agreed to purchase TWC on May 26 in a deal valued at $78.7 billion.
Charter shareholders of record as of July 28 will be eligible to vote on the merger as well as the plan to allow Liberty Broadband – the spin-off of Liberty Media that holds its 25.7% stake in Charter – to buy additional shares of the new company. The proceeds from that share purchase will be used in part to finance the TWC acquisition. The Charter meeting will be held in Stamford, Conn., at 10 a.m. on Sept. 21.
At the same time on that same day, TWC shareholders will meet in New York at the New York Institute of Technology to vote on the merger. TWC shareholders of record as of July 28 will be eligible to vote.
Both sides have said that they require a majority of their shareholders to vote in favor of the deal in order for it to be completed. The deal, which still requires approval by federal regulators, is slated to close by the end of the year, although some analysts have said they expect it to be completed by March 31, 2016.
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