Sunday 16 December
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.

Please follow and like us:

Tags: , , ,

Related Stories
Thai businessman Chatchaval Jiaravanon agreed Friday to buy Fortune magazine for $150 million in the
The sale of Time Inc., home to some of the most storied American magazines, highlights
Robert Mercer, the billionaire president of Renaissance Technologies and major supporter of President Donald Trump,
One of France's richest men Francois Pinault faced a backlash on Saturday for accusing President

Read full Article here »

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.