Time Warner Cable board rejects buyout offer from Charter

Charter Communications announced Monday it offered to buy Time Warner Cable for about $61 billion, a bid that was quickly rejected by Time Warner's board of directors.

USA Today reports the board called the offer a "grossly inadequate proposal."

"Charter's latest proposal is a non-starter," said TWC's CEO Robert Marcus in a statement Monday. "Not only is the nominal valuation far too low, but because a significant portion of the purchase price would be in Charter stock, the actual value delivered to TWC shareholders could be substantially lower given the valuation, operational and significant balance sheet risks embedded in Charter's stock."

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