Jim Cramer: Apple Bid for Time Warner Unlikely

It's highly unlikely that Apple (AAPL) - Get Report will try and top AT&T's (T) - Get Report bid for Time Warner (TWX) , says TheStreet's Jim Cramer. Last week AT&T said it will buy Time Warner in an ambitious $85.4 billion deal that would create a powerhouse in global telecommunications, television and film. The agreement was approved by the boards of both AT&T and Time Warner. The deal, which would be half in cash and half in stock, values Time Warner at $107.50 a share, a 20% premium to its $89.48 closing price on Friday. Time Warner shareholders will receive $53.75 a share in cash and $53.75 a share in AT&T stock. The total transaction value is $108.7 billion after including Time Warner's net debt. The merger, which will need regulatory approval, would combine AT&T's extensive broadband and wireless operations in North and South America with Time Warner's HBO, its cable-TV networks TBS, TNT and CNN, as well as the Warner Brothers film studio.