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Stock Market & Financial Investment News

News For TWC From The Last 14 Days
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May 26, 2015
09:44 EDTTWCCharter CEO says TWC pact 'significantly different' than Comcast transaction
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09:23 EDTTWCOn The Fly: Pre-market Movers
UP AFTER EARNINGS: AutoZone (AZO), up marginally after reporting third quarter results. ALSO HIGHER: Geeknet (GKNT), up 119.7% after being acquired by Hot Topic for $17.50 per share... IntelliPharmaCeutics (IPCI), up 16.8% after being granted fast track designation for Rexista Oxycodone by FDA... McDermott (MDR), up 9.2% after favorable mention in Barron's and after being awarded a project for 12 jackets offshore Saudi Arabia... Time Warner Cable (TWC), up 5.2% following announcement of merger with Charter (CHTR)... Charter is up fractionally. DOWN AFTER EARNINGS: Sky-mobi (MOBI), down 7.9%. ALSO LOWER: Etsy (ETSY), down 5.7% following a Wall Street Journal report that Amazon.com (AMZN) is targeting Etsy with an artisan goods marketplace... First Solar (FSLR), down 4.1% after being downgraded to Underperform from Sector Perform at RBC Capital... AstraZeneca (AZN), down 1.9% after Amgen (AMGN) ends participation in co-development and commercialization of brodalumab... Amgen is down 1.5%.
09:22 EDTTWCRovi gets 'de facto renewal' with TWC buyout, says JPMorgan
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09:16 EDTTWCAltice not coming back with competing bid for Charter, CNBC reports
Altice (ATCEY) talked about an offer for Charter Communications (CHTR) which included $150-$160 per share in cash and up to $50 per share in stock, CNBC's David Faber reports, adding that banks had offered a "bridge equity" to finance the deal. Altice does not plan on coming back with a competing offer after Charter agreed to be acquired by Time Warner Cable (TWC).
08:59 EDTTWCCablevision up more than 5% following Charter-TWC merger announcement
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08:43 EDTTWCCharter, Time Warner Cable says $800M cost synergy target 'very conservative'
08:37 EDTTWCCharter believes added investments needed after Time Warner Cable deal closes
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08:33 EDTTWCCharter CEO says 'confident' deal with Time Warner Cable will be approved
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08:25 EDTTWCCharter, Time Warner Cable deal has reciprocal break-up fee of $2B
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08:13 EDTTWCCharter volatility flat into Time Warner Cable purchasing for $55B
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07:59 EDTTWCCombined TWC-Charter-Bright House to have 24M customer relationships
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07:58 EDTTWCFCC Chair Wheeler says every merger reviewed 'on its merits'
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07:51 EDTTWCTime Warner Cable volatility flat into Charter purchasing for $55B
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07:44 EDTTWCTime Warner Cable unlikely to receive additional bid, says RBC Capital
After press reports stated that Charter (CHTR) was about to announce that it had agreed to buy Time Warner Cable (TWC) for $5B, RBC Capital says that the high multiple of the offer was due to the interest of another company, Altice, in buying Time Warner Cable. However, the firm does not expect Altice to make a counterbid, given the high multiple of the reported Charter deal and the reported $2B break=up fee. RBC keeps a Sector Perform rating on Time Warner Cable.
06:28 EDTTWCCharter and Time Warner Cable host joint conference call
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06:18 EDTTWCLiberty Interactive to invest $2.4B in support of Charter-Time Warner Cable deal
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06:14 EDTTWCLiberty Broadband to invest $5B with Charter in connection with Time Warner deal
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06:12 EDTTWCTime Warner Cable shares valued at $195.71 in Charter takeover
06:08 EDTTWCLiberty Broadband to own 19%-20% of New Charter
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06:05 EDTTWCCharter to merge with Time Warner Cable, acquire Bright House Networks
Charter Communications (CHTR) and Time Warner Cable (TWC) announced that they have entered into a definitive agreement for Charter to merge with Time Warner Cable. The deal values Time Warner Cable at $78.7B. Charter will provide $100.00 in cash and shares of a new public parent company equivalent to 0.5409 shares of CHTR for each Time Warner Cable share outstanding. The deal values each Time Warner Cable share at approximately $195.71 based on Charter's market closing price on May 20, or approximately $200 based on Charter's 60-trading day volume weighted average price. In addition, Charter will provide an election option for each Time Warner Cable stockholder, other than Liberty Broadband (LBRDA) or Liberty Interactive (QVCA), who will receive all stock, to receive $115.00 of cash and New Charter shares equivalent to 0.4562 shares of CHTR for each Time Warner Cable share they own. In addition, Charter and Advance/Newhouse Partnership announced that the two companies have amended the agreement which the two parties signed and announced on March 31, whereby Charter will acquire Bright House Networks for $10.4B. That agreement, as amended, provides for Charter and Advance/Newhouse to form a new partnership of which New Charter will own between approximately 86% and 87% and of which Advance/Newhouse will own between approximately 13%-14%, depending on the Time Warner Cable shareholders' cash election option described above. The consideration to be paid to Advance/Newhouse by Charter will include common and convertible preferred units in the Partnership, in addition to $2B in cash. The common and convertible preferred partnership units will each be exchangeable into shares of New Charter. The Charter-Advance/Newhouse transaction is expected to close contemporaneously with the Charter-Time Warner Cable transaction. Charter also announced today that Liberty Broadband has agreed to purchase, upon closing of the Time Warner Cable transaction, $4.3B of newly issued shares of New Charter at a price equivalent to $176.95 per Charter share, which represents Charter's closing price as of May 20. As previously-announced, Liberty Broadband will also purchase, upon closing of the Charter-Advance/Newhouse transaction, $700M of newly issued Charter shares at a price equivalent to $173.00 per Charter share.
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