Charter Preparing Offer Letter To Buy Time Warner, Sources Say

Charter Communications Inc. is preparing an offer letter to acquire Time Warner Cable Inc. for less than $135 a share, according to a person with knowledge of the situation.

Charter, the fourth-largest U.S. cable company,  is expected to offer cash and stock in a so-called bear-hug letter as soon as this week. The company could generate as much as $1 billion in annual cost savings with the acquisition, analysts say. But some caution that Charter risks overpaying for New York-based Time Warner, which is losing video subscribers to competitors.

Charter is based in Stamford, Conn., but previously had its headquarters in the St. Louis area and still maintains a large employee base there.

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