An investor group dubbed the “three amigos” may take another run at a Time Inc. acquisition after initially being rejected.
The New York Post reports: “The trio, Edgar Bronfman Jr., Len Blavatnik and Ynon Kreiz — who were originally rebuffed after their $18-a-share offer last fall and are widely believed to be out of the running — are actually hanging around the bidding process to ‘see how it plays out,’ according to one source.”
The report notes that Time Inc. stock has been slipping as sale talks have dragged on. “The three have not been invited back into the process by Time’s bankers, one source noted, and they have yet to make a new move themselves,” The Post notes. “But they are watching.”
The report says Meredith Corp. continues to be seen as a front-runner for a takeover of the company, which publishes Time, People, Sports Illustrated, InStyle and Fortune. Meredith has reportedly been trying to “walk down the price,” which is said to be in the $20-a-share range.
“The absolute deadline may be April 21 — when dissident shareholders could nominate their own people to the Time board,” the report adds.