Shares of Time Warner Cable slipped Friday after reports that an anticipated bid from Charter Communications would not come until at least the New Year.
TWC shares fell slightly on Friday – closing at $132.46 each (down 1% or $1.28 per share) after a Reuters report that both participants were at odds regarding the respective synergies inherent in the deal.Charter stock finished the day up about 1% (90 cents) to $130.02 per share.
Charter was expected to issue a formal offer letter to Time Warner Cable this week, ending what has been about six months of speculation on whether a deal between the two cable giants could get done. But as of Friday afternoon, no letter was forthcoming and reports indicated that none would come until after the New Year, as the two sides continue to work out their differences.
Charter first began making overtures to TWC in June, as one of its largest shareholders – cable legend John Malone’s Liberty Media – had broached the subject of a merger with TWC management. Time Warner Cable rebuffed that offer, but investors hungry for a major cable deal, pumped the stock up by more than 30% in anticipation of a transaction.