Time rejects takeover bid from billionaire investor

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

Mr Bronfman offered $18 per share, the Post reported, representing a premium of 30.4 per cent to Time Inc's closing price after trading on Friday and valuing the publisher at $1.78 billion (€1.68 billion). New York-based Time Inc's shares jumped 11.6 per cent to $15.40 in premarket trading on Monday.

Mr Bronfman, who is a managing partner of private equity firm Accretive LLC, made the bid along with Russian-born billionaire Leonard Blavatnik, the founder of holding company Access Industries, and Israeli businessman Ynon Kreiz, the Post reported.

A former chief executive of Warner Music Group, Mr Bronfman has a long history in the media and entertainment world. His family made its fortune from Seagram’s, once the largest distiller of alcoholic beverages in the world. Time Inc and Access Industries did not immediately respond to requests for comment, while Mr Bronfman could not immediately be reached.

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– (Reuters)