More than a month after its bid to acquire Time Warner Cable was trumped by a sweeter offer from Comcast, Charter Communications is urging the cable company's shareholders to reject the deal.
In a proxy statement filed with the Securities and Exchange Commission Friday, Charter said the Comcast deal is rife with uncertainty, including huge regulatory hurdles and a dwindling stock price that has significantly reduced the size of the deal.
According to the proxy statement, Charter estimates that with Comcast stock down more than 5% since the deal was announced on Feb. 13, the transaction values Time Warner Cable at $141.16 per share, a significant discount to the original valuation of $158.82 per share.
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