After rejecting a bid by Charter Communications, Time Warner Cable agreed to be acquired by Comcast, the largest cable provider in the U.S., in an all-stock deal worth more than $44 billion, or $158.82 per share.
Charter, which is based in Connecticut but has a large presence in the St. Louis area, tried for eight months to take over Time Warner, the second-largest U.S. cable company. Charter is the country’s fourth-largest cable company, and its most recent bid for Time Warner Cable was for $132.50 per share.
Time Warner Cable had said a deal closer to $160 per share would be more appropriate. Time Warner Cable stock closed at $135.31 per share Wednesday.