Meredith for the third time we know of, has officially submitted a takeover bid for iconic magazine publisher Time Inc. Meredith was part of the bidding process earlier this year when Time Inc explored a sale. Now that the deck has been cleared due to Time Inc’s decision not to sell, Meredith is making a new play for the company this time with backing from the deep pocketed Koch brothers and no one to compete against. The bid Meredith reportedly submitted to Time Inc’s board is said to be between $17 and $20 which values the company at close to $2 billion. Sounds familiar? Yeah we thought so too. This was pretty much the same offer submitted by a group of investors lead by billionaire Edgar Bronfman Jr but for whatever reason at the time, Time Inc said no and then a bidding war ensued. Bronfman and his group offered $18 per share, a premium of 30.4 percent on Time Inc’s stock price at the time that offer was made. The offer valued Time Inc at $1.78 billion. Did Time Inc try to hold out for a higher offer that never came from Bronfman? Because now with this offer from the Koch bros. backed Meredith they’re pretty much back where they were in late 2016 when Bronfman and company made their offer.
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