Charter Communications is preparing to make an offer of less than $135 a share for Time Warner Cable, according to Bloomberg. The offer will consist of a mix of cash and Charter stock. The deal would have an equity value of around $38 billion.

Charter believes it can get away with offering what is a small premium above the current trading price because of stock price inflation based on recent deal speculation.

John Malone and his Liberty group, which acquired 27 per cent of Charter earlier this year, is backing the bid.

Time Warner Cable appears in no rush to do a deal. Though its pay-TV subscribers are falling, it continues to find success providing high speed Internet and business services.

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