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Time Inc rejects bid from billionaire Bronfman Jr. - NY Post

Nov 28 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)

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