Charter Communications Inc. rejected a more than $100 billion takeover offer from Verizon Communications Inc., the New York Post reported May 31, citing sources familiar with the details.
The offer, which Verizon reportedly made in recent months, valued Charter's shares at $350 a share to $400 a share. Charter, however, found the offer too low and was not ready for a sale, according to the sources.
Sources said John Malone, the chairman of Liberty Media Corp., which controls Charter, wanted to give Charter more time to allow for the integration of its Time Warner Cable Inc. acquisition.
Reports earlier this year also indicated that Verizon CEO Lowell McAdam had reached out to officials close to Charter about a potential merger.