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Nov 29, 2016 @ 17:33

Time Inc. shares skyrocketed after a billionaire reportedly offered to buy it

 

Time Inc., the publisher of People, Fortune, and Sports Illustrated magazines, has rejected a takeover bid from the billionaire investor Edgar Bronfman Jr., the New York Post reported on Monday.

Bronfman, together with billionaire Len Blavatnik’s Access Industries and the Israeli businessman Ynon Kreiz, offered $18 per share, the Post reported, valuing Time Inc. at $1.78 billion. That’s a 30% premium to Time’s closing price of $13.80 on Friday.

Bronfman is a managing partner at the private-equity firm Accretive LLC.

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