Adelphia Ponders Joint-Bid Block10/06/2004 11:00 AM Eastern
Sources confirmed published reports Wednesday that Adelphia Communications Corp. was contemplating blocking two of the largest potential bidders for its systems -- Time Warner Inc. and Comcast Corp. -- from making a joint bid for its properties.
Both The Wall Street Journal and the Los Angeles Times reported Wednesday that the Adelphia board may try to block the joint bid as a means to boost the ultimate price of the systems.
Time Warner and Comcast have said publicly that they are contemplating making a joint bid for Adelphia’s 5.2 million subscribers. More than 40 interested parties have already signed confidentiality agreements to participate in the auction.
Whether or not to block the joint bid was expected to be one of the topics of discussion at Adelphia’s regularly scheduled two-day board of directors meeting, which started Wednesday afternoon.
Adelphia spokesman Paul Jacobson declined to comment on board discussions, but he said the goal is to conduct a sales process that will maximize the value of the company for its constituents.