Time Inc. has received a $1.8 billion buyout bid from billionaire Edgar Bronfman Jr., which has reportedly been rejected by the company’s board. The offer was for $18 a share, a 30% premium over the company’s Friday closing price, reports The New York Post.
Bronfman, managing partner of private equity firm Accretive LLC, went in on the bid with fellow billionaire Leonard Blavatnik, founder of holding company Access Industries, and Israeli businessman Ynon Kreiz, according to the Post.
Recently, Time Inc. has been repositioning itself as more of a digital media company—becoming less dependent on print ad revenue.
Several changes have come to the publisher just this past year including an editorial restructuring, which saw the creation of editorial groups.
Time Inc.'s shares (NYSE: TIME) stood at $16.00 at the opening bell Tuesday, reflecting a surge of as much as 18 percent following Monday's news. The company's share price reached an all-time high of $25.83 in July, 2014, shortly after its initial public offering, but has generally been in decline since mid-2015.
As per company policy, a spokeswoman for Time Inc. declined to comment.
This is a developing story.