(MENAFN- AFP) Charter Communications on Monday went to shareholders with its multi-billion-dollar bid to buy Time Warner Cable.Charter said in a release that the move comes after submitting several snubbed proposals, most recently a December cash-and-stock offer valued "in the low $130s" per share.There were reported to be 281.89 million shares of Time Warner Cable shares outstanding, meaning a Charter bid of $132 each would translate into a purchase price about $37.1 billion not counting any assumed debt."Time Warner Cable's response led Charter to determine there is no genuine intent from Time Warner Cable's management and Board of Directors to engage in a merger agreement, and that it is prudent to bring the matter to shareholders directly," Charter said in the release.Time Warner shares were up slightly from its closing price to $134.60 in after market trades on Monday."We are fully prepared to finalize a deal on an extremely expedited basis," Charter chief executive Thomas Rutledge said in a copy of a letter sent to the head of Time Warner Cable.US cable television and Internet titan Comcast is also seen as potential suitor of Time Warner Cable.
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