Adelphia Communications Corp. wrapped up its regularly scheduled two-day board meeting Thursday, but as of press time, there was no word on whether the board had decided to block a joint bid for its cable assets from Time Warner Inc. and Comcast Corp.
Sources confirmed published reports earlier in the week saying that the board was considering blocking the joint bid in order to help boost the price the systems might attract.
Time Warner and Comcast had said previously that they were considering making a joint offer.
While preventing a joint bid could force each company to make a separate offer, sources in the financial community said it was unlikely that Comcast would try to buy the entire operation.
More than 40 companies have signed confidentiality agreements to participate in the auction. So far, neither Comcast nor Time Warner has signed, sources said.
Adelphia declined comment.