TWC rejects ‘inadequate’ $61B Malone bid

The cable-consolidation wars could be one of the year’s best reality shows — if onl♛y it were on TV and not about TV.

Time Warner Cable late Monday rejected a $132.50-a-share bid from John Malone’s Chart🌳er Communications, calling it “grossly inadeꦉquate.”

Under the terms of the $83 in cash and $49.50 in stock offe꧑r, TWC, the country’s No. 2 pay-TV provider, is valued at about $61 billion.

Malone has been among the most outspoken proponents of cable consolidation, iꦐn part to gain leverage over the ri❀sing costs of sports and other content.

The Charter bid ♐sent TWC shares up 1.9 percent in after-hours trading, to $134.85, as investors felt a better offer could come down the pike.

Ch🍬arter wrote a letter to TWC Monday🐼 suggesting it will take its $61 billion offer directly to TWC shareholders. However, there was no actual binding offer.

Malone said he will make an announcement Tuesday.

Speculation is he will nominate directors to the TWC board and make his case a🔯bout the lᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚogic of combining the businesses.

The deadline for submitting board nominees expires inꦍ several days, sources said.

But🌱 Malone likely cannot finance a $83-a-share cash bid without first closing his acquisition of Sirius XM, a soไurce said.

At present༒, Liberty Media owns approximate🧸ly 53 percent of the satellite-radio provider.

“Charter’s latest proposal is a non-starter. … It substantially undervalues TWC and would represent an EBITDA multiple of approximately 7X, well below past transactions in the cable sector,” TWC Chief Executive Officer Rob Marcus said in a statement.