​Charter Communications Inc launched its third bid to take over larger rival Time Warner Cable on Monday, making a formal offer of $62.35 billion for control of America’s second-largest cable operator through cash, stock and debt assumption.

The move, which came in a formal letter asking for merger talks to begin from Charter to Time Warner management. The letter set a Tuesday conference call to discuss terms.

Executives from both companies had met last month to discuss Charter’s plans for a merged company.

According to Reuters, Time Warner’s board has already rejected the Charter deal, saying that the company is trying to “get a premium asset at a bargain basement price.”

Newly-installed Time Warner CEO told the wire service that shareholders will see it as “an attempt to steal the company.”

Charter is taking their pitch directly to those Time Warner shareholders now, setting up a proxy fight which could ultimately see Charter CEO Tom Rutledge running the show. Rutledge spent 23 years at Time Warner Cable before jumping to Charter.

Analysts are now expecting Charter to raise its bid. The company made its letter public on Monday because talks with Time Warner had not progressed over the past six months.

Read More: Reuters, The Washington Post

Brief Take: Charter has made it clear that it is dead serious about a merger, and thinks that new management could do a better job running Time Warner.

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