Time Warner Cable rejected as “grossly inadequate” Tuesday a $61.3 billion takeover bid by rival Charter Communications, with the former tapping longtime outside counsel Paul, Weiss, Rifkind, Wharton & Garrison for representation on the matter and the latter relying on Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis, according to securities filings.
Charter’s unsolicited offer for the the nation’s second-largest cable operator—roughly $37.8 billion in cash and stock, the rest in assumed debt—comes some five years after Paul Weiss advised TWC in connection with its $9.25 billion split from former parent Time Warner Inc.
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