Report: Cox Mulls TWC BidTime Warner Shares Up 3% 11/26/2013 4:07 PM Eastern
Time Warner Cable stock was up another 3% on Tuesday after yet another cable operator was said to be considering a bid for the company, this time Cox Communications.
According to The Wall Street Journal, Cox is contemplating bidding for TWC, either on its own or with others.
Speculation regarding TWC has heated up in the past few days after reports that Charter Communications was close to lining up bank financing for a bid. That also sparked talk that Comcast, the nation’s largest cable operator, could either team up with Charter on a TWC or pursue a deal on its own.
Time Warner Cable shares rose 3.8% ($4.98 per share) in afternoon trading to $137 each. Charter shares rose 1.6% ($2.10) to $136.39 each.
Cox had been considered as a possible suitor for TWC and some analysts had even considered the Atlanta cable operator as a possible take-over target to discourage Charter Communications’ advances on the company.
Cox spokesman Todd Smith would not comment on speculation but he said that the cable operator is not for sale.