By a News Reporter-Staff News Editor at Telecommunications Business -- Charter Communications, Inc. (Nasdaq: CHTR) (together with its subsidiaries, "Charter") and Time Warner Cable Inc. (NYSE: TWC) ("TWC") announced that the election deadline for TWC stockholders to elect the form of consideration they wish to receive in exchange for each of their shares of TWC common stock in connection with the previously announced transactions between Charter and TWC (the "Charter-TWC transactions"), will be extended to 5:00 p.m., Eastern Time, on May 12, 2016 (the "Election Deadline"), unless further extended by Charter and TWC.
The closing of the Charter-TWC transactions remains subject to the satisfaction of all of the closing conditions thereto, including the receipt of required regulatory approvals, including from the Federal Communications Commission, the Department of Justice and the California Public Utilities Commission. The California Public Utilities Commission decision is currently expected as early as May 12, 2016. The Election Deadline may be further extended depending on the timing of the receipt of the regulatory approvals, satisfaction of the other remaining conditions and the closing. TWC and Charter will promptly announce any further extension(s) of the Election Deadline in a press release, on their websites and/or in a filing with the SEC.
TWC stockholders who have already conveyed an election need not submit another election form and may revoke or change a previously conveyed election prior to the Election Deadline pursuant to the procedures described in their election communications.
After the Election Deadline and until the consummation of the Charter-TWC transactions, TWC stockholders who have properly conveyed a valid election with respect to some or all of their shares of TWC common stock will not be able to transfer (including by sale) the shares for which such election was made. As a result, if TWC stockholders wish to retain the ability to transfer their shares of TWC common stock between the Election Deadline and the consummation of the Charter-TWC transactions, they should not convey an election, and as a result, by default, they will have the right to receive the "Option A consideration" when and if the Charter-TWC transactions are consummated.
If TWC stockholders wish to make an election, and in particular if they wish to receive the "Option B consideration," they are encouraged to convey their election before the Election Deadline following the procedures described in their election communications.
TWC stockholders who have questions regarding the election procedures, who want up-to-date information on the Election Deadline or who wish to obtain copies of the election materials may contact Georgeson Inc., the information agent, at +1 (866) 828-4305.
Keywords for this news article include: Charter Communications Inc.
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