Why Time Inc. and Meredith Soared Last Month
Shares of Time Inc. (NYSE: TIME) and Meredith Corporation (NYSE: MDP) jumped last month after Time agreed to sell itself to Meredith for $18.50 a share. Though the deal was not announced until Nov. 26, the stocks first jumped on Nov. 16 when Meredith made an offer between $17 and $20 a share. According to data from S&P Global Market Intelligence, Time finished the month up 60.3%, while Meredith gained 28.6%.
Image source: Getty Images.
As you can see in the chart below, the stocks jumped both on the day the offer was made, and when the two sides came to an agreement:
Source: Fool.com
