Time Inc. Stock Price Soars on Reports of Len Blavatnik Group Buyout Offer
Shares of Time Inc. soared more than 20% in trading Monday following reports that the magazine publisher recently rejected at $1.8 billion buyout offer from an investor group that included Len Blavatnik and Edgar Bronfman Jr.
The New York Post reported late Sunday that the group approached Time Inc. brass about a buyout offer at $18 a share, which would have been a 30% premium to the stock’s recent trading price. On Monday, Time Inc. shares shot up out of the gate to top $16, after closing Friday at $13.60.
Reps for Time Inc. and Blavatnik, founder and chairman of Access Industries, did not immediately respond to requests for comment. Access Industries’ entertainment holdings include Warner Music Group.