Upping the heat on Time Warner Cable Inc., rival Charter Communications Inc. formally launched a hostile proxy fight by proposing to oust Time Warner Cable's board and replace it with 13 new directors.
A proxy fight was a remaining option for Charter after Time Warner Cable rejected three buyout bids, the last in January for $132.50 a share in cash and stock.
Time Warner Cable closed at $134.90 Tuesday, down 0.59 percent.
In a proxy vote, Time Warner Cable shareholders, such as pension funds, can vote for directors nominated by the company's management or directors nominated by Charter.
"It is clear from our meetings with Time Warner Cable shareholders that there is an overwhelming desire to combine these two companies," Charter chief executive Tom Rutledge said in a statement.