STAMFORD, Conn., Jan. 13 (UPI) -- U.S. cable operator Charter Communications has offered to buy Time Warner Cable Inc. for $37 billion, sources told the Wall Street Journal.
The offer amounts to $113.50 per share in a deal that is set up as a cash and stock acquisition that includes $83 in cash per share.
The offer includes a thin premium. On Monday, Time Warner shares closed at $132.40.
A source said Time Warner's board believes the company is worth $150 per share, the Journal reported.
The company is also not considering a sale at this time, Chief Financial Officer Artie Minson said during an investor conference last week.
"The business isn't for sale," Minson said. "But we also recognize we're sort of stewards of the shareholder. And to the extent someone comes along with an offer that's better than the value we can create on our own, that's obviously something we need to take a hard look at," he said.
He also said, "that's a pretty high bar."
