Adelphia: We’ll Take Cash2/25/2005 5:17 AM Eastern
Adelphia Communications Corp. creditors have reportedly told Time Warner Inc. and Comcast Corp. that they would accept their $17.6 billion buyout offer if it were entirely in cash, according to a report in Friday’s edition of The Wall Street Journal.
The combined Time Warner-Comcast bid for the bankrupt No. 5 MSO is currently a combination of cash and stock, and the Journal said the chances of an all-cash bid are slim.
According to the Journal, the current bid consists of $12 billion in cash and roughly $5.6 billion in stock in a new company that would be formed by combining Adelphia with Time Warner Cable. The $5.6 billion would represent about 15% of the new company.