Charter to bid below $135 a share for Time Warner Cable

NEW YORK (AP) - Cable TV operator Charter Communications wants to buy the much larger Time Warner Cable in a cash-and-stock deal that could be worth up to $38 billion.

The company says it is prepared to bring the offer directly to shareholders after determining there is "no genuine intent" from Time Warner Cable's management to engage in merger talks.

Charter Communications Inc. said Monday that it has made repeated overtures to Time Warner for more than six months. In December, Charter was planning an offer below $135 per share, including $83-per-share in cash. That values Time Warner at up to $38 billion.

Time Warner Cable Inc. did not have an immediate comment.

Time Warner's stock closed at $132.40 on Monday and is up 1.6 percent to $134.45 in after-hours trading.

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