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WASHINGTON – Charter Communications, which was rebuffed last year when it proposed a merger with Time Warner Cable, then lost out to Comcast in a bidding competition for the cable company, is urging the Time Warner Cable shareholders to reject the $45 billion deal with Comcast.
In a proxy statement filed Friday with the Securities and Exchange Commission, Charter said the risk of regulatory rejection of the merger, combined with probable delays and their associated costs to Time Warner Cable shareholders of the Comcast merger, made it in their interest to turn down the deal, which was announced on Feb. 13.
The board of directors of Time Warner Cable also failed to adequately consider a competing offer and willingness to negotiate from Charter, the company said.