Nov 28 (Reuters) - Time Inc, the publisher of People and Fortune magazines, has rejected a takeover bid from billionaire investor Edgar Bronfman Jr., the New York Post reported on Monday.
Bronfman Jr. offered $18 per share, the Post reported, valuing Time Inc at $1.78 billion.
The company’s shares were up 5.1 percent at $14.50 in premarket trading.
New York-based Time Inc could not immediately be reached for comment. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)