Why Time, Inc. Shares Popped Today
Shares of Time, Inc. (NYSE: TIME) have popped today, up by 9% as of 11:15 a.m. EST, following the company's announcement that it would be acquired by Meredith Corporation (NYSE: MDP). The deal had been rumored to be in the works earlier this month.
Meredith will acquire Time for $18.50 per share through an all-cash tender offer, representing a 46% premium compared to the closing price on Nov. 15, 2017, before the deal started leaking to the media and driving up Time's stock price. The total transaction is valued at $2.8 billion, including Meredith assuming Time's debt and net of cash. The boards of both companies have unanimously approved the deal, which is expected to close in Q1 2018.
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Source: Fool.com
