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08/01/2017

Charter surges as Japan's SoftBank considers bid

(Reuters) - Charter Communications Inc's shares surged to a record high on Monday after a source said Japan's SoftBank Group Corp was considering an acquisition offer, even as Charter shot down the possibility of it being the acquirer in any merger with SoftBank's U.S. wireless carrier, Sprint Corp.

A source familiar with the matter told Reuters on Sunday that SoftBank Chief Executive Masayoshi Son is considering making a bid for Charter as soon as the end of August, in what would be by far the Japanese telecommunications conglomerate's biggest ever deal.

Charter has a market capitalization of more than $100 billion and another $60 billion in debt.

The bid would be at least 50 percent in cash and the rest in stock, the source said.

SoftBank is working with JPMorgan Chase & Co, Deutsche Bank AG and Mizuho Financial Group Inc on raising debt financing for its bid, sources close to the matter said. It may enlist more banks in the future, the sources added.

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