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Charter Communications dials up over 7% as it pours cold water on Sprint bid

On Sunday, reports emerged that SoftBank was considering making an acquisition offer for Charter

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Charter shares surged in pre-market, while Sprint shares were up a tad - 0.49%

Shares in telecoms titan Charter Communications Inc dialled up around 7% in pre-market New York deals as it emerged it had poured cold water on plans for a merger between it and Sprint Corp (NYSE:S).

Charter shares surged in pre-market, while Sprint shares were up a tad - 0.49%.

 

It is a plan that Sprint's majority owner - Japanese giant SoftBank Group Corp is keen to see it go through.

READ: Charter Communications tops expectations

On Sunday, reports emerged that SoftBank was considering making an acquisition offer for Charter, which has a market cap of US$101bn as early as this week.

But Charter Communications was quick to say the same day that it was not interested in acquiring the US wireless carrier giant.

A merger of the two titans - Charter and Sprint would create a telecomms behemoth, creating a so-called one-stop shop for customers looking for internet and mobile phone services.

Sprint's market cap is US$32.8bn but it also has a similar amount in debt.

A Charter bid would give SoftBank majority control and would require raising billions of new debt and could push SoftBank to leverage some of its other assets, including its 29.5% stake in Chinese internet giant Alibaba Group Holding Ltd (NASDAQ:BABA) and its 43% stake in Yahoo Japan Corp.

Quick facts: Charter Communications, Inc.

Price: 533.78 USD

NASDAQ:CHTR
Market: NASDAQ
Market Cap: $110.2 billion
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