TWC Shareholders Approve Charter Deal

Special Meeting Held in New York

As expected, Time Warner Cable shareholders approved its $78.7 billion merger with Charter Communications in a special meeting of shareholders.

The meeting, held in New York, was first announced in August.

During the presentation, Time Warner Cable chairman and CEO Rob Marcus said the meeting, in the words of baseball great Yogi Berra, felt “like déjà vu all over again.”

While it was about a year ago when shareholders were asked to approve the then-pending purchase of the company by Comcast (they did), which was later abandoned after it was determined the deal would not receive regulatory approval, Marcus said this time was different.

“This transaction is even better for our shareholders than the prior transaction and Time Warner  Cable is even stronger operationally than it was a year ago,” Marcus said.

He added that as of Friday’s market close, the Charter deal values TWC at $203.52 per share, more than eight times the price of the stock after its separation from Time Warner Inc., in 2009 and a nearly 30% premium to the Comcast deal.

Charter shareholders voted on the deal at the same time in Stamford, Conn., with wth more than 98% of the votes cast in favor of the trasaction.