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Altice USA, Inc. (NYSE:ATUS) shares are rocketing higher after-hours amid reports that Charter Communications, Inc. (NASDAQ:CHTR) is considering acquiring the company. Here’s a look at what’s going on.
The Details: According to a Bloomberg report, Charter is considering a takeover of the smaller cable-provider, Altice USA. The report stated Charter is working with its financial advisors as it explores the potential takeover to determine if the move makes sense.
However, according to a report from CNBC late Monday, sources close to the matter said that Altice was not approached by Charter to begin talks on a possible transaction.
Rumors of a potential takeover come as communication companies struggle to maintain subscriber counts. Charter Communication’s stock has fallen nearly 25% year-to-date and Altice shares were down by more than 40% year-to-date before reports of the takeover began circulating.
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ATUS, CHTR Price Action: According to Benzinga Pro, Altice USA shares closed up more than 35.69% at $2.49 and are up an additional 8.84% after-hours at $2.71. Charter Communications shares ended the session down 2.26% at $292.84 and are down 0.90% after-hours at $290.02 at the time of publication.
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