An interesting scenario where Time Warner Cable could go back at Charter Communications with a takeover plan of its own, as a means to either get the company to sweeten its bid or get the company off of its back:
Could Time Warner Cable Offer Charter a 'Pac Man' Bid?By Antoine Gara, The Street, January 22, 2014
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www.thestreet.com/story/ ··· bid.htmlquote:
Time Warner Cable has the ability to pull what's called a "Pac Man" defense where it offers to buy Charter Communications as a means to fend off a bid by the fledgling cable operator and its minority investor, John Malone-chaired Liberty Media, according to equity analysts at JPMorgan.
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In fact, a deal might make more sense with Time Warner Cable as the acquirer of Charter Communications, [Philip Cusick of JPMorgan] argues. Much of the operating and tax synergy that Charter is relying upon would also be present in a Time Warner Cable takeover of the company. Meanwhile, Time Warner Cable has the ability to offer Charter shareholders a solid premium for their stock without taking on too much debt.