Time Warner Cable has rejected a bid worth tens of billions of pounds from rival Charter Communications, describing the offer as "grossly inadequate".
The company offered $132.50 a share, valuing Time Warner at $60 billion (£37 billion), with $83 of that amount to be paid in cash and the rest in its own stock.
Rob Marcus, chief executive of Time Warner told the Reuters news agency that Charter is trying to get a premium asset at a bargain basement price.
He said: "This makes the job of fending it off rather straightforward. Our shareholders will see it as what it is, an attempt to steal the company."
Tom Rutledge, chief executive of Charter, stated that Time Warner has refused to engage with his company regarding any deal. He added: "All of the conversations have been one-way."
Following the news, the share price of Time Warner Cable rose by 1.42 per cent in after-hours trading in the US today (January 14th).
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