Business digest: Charter ramps up push for Time Warner Cable

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Posted: Wednesday, February 12, 2014 12:00 am | Updated: 2:13 pm, Thu Jun 5, 2014.

Charter Communications Inc. said Tuesday that it’s nominating a full slate of 13 candidates for election to Time Warner Cable Inc.’s board as it pushes forward with its $38 billion hostile takeover bid. In January, Charter said it would take its cash-and-stock offer of about $132.50 per share directly to Time Warner Cable shareholders. The offer was previously rejected by the Time Warner Cable’s management, which has said the company would accept a bid of $160 per share in cash and stock. Charter didn’t raise its offer on Tuesday, with CEO Tom Rutledge saying that there is “overwhelming desire” among shareholders for a merger. Time Warner Cable Chairman and CEO Rob Marcus said “we are not going to let Charter steal the company” with a lowball offer.

Sprint Corp., the third-largest U.S. wireless carrier, said Tuesday its fourth-quarter loss shrunk, helped by the addition of more wireless devices to its network. For the quarter ended Dec. 31, Sprint posted a loss of $1.04 billion, or 26 cents per share, compared with a loss of $1.32 billion, or 44 cents per share, in the same quarter the year before. Revenue rose 2 percent to $9.14 billion from $9.01 billion. Those results beat Wall Street predictions.

CVS Caremark’s fourth-quarter earnings climbed more than 12 percent, as improved sales from established locations helped the drugstore operator and pharmacy benefits manager offset fewer customer visits.

U.S. wholesale businesses increased their stockpiles in December at the slowest pace since last summer, another sign that the economy lost some momentum at the end of 2013. The Commerce Department said Tuesday that wholesalers boosted stockpiles by 0.3 percent in December from November, smallest gain since July. Sales growth slowed to 0.5 percent December after healthy gains of 1 percent in November and 1.1 percent in October.

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