Time Inc rejects bid from billionaire Edgar Bronfman Jr: Reuters

Time Inc, the publisher of Time, People and Fortune magazines, has rejected a takeover bid from Canadian billionaire investor Edgar Bronfman Jr, Reuters reported, citing a report from the New York Post . Bronfman offered US$18 per share, valuing the publisher at US$1.78 billion. Bronfman, who is a managing partner of New York private equity firm Accretive LLC, made the bid along with Russian-born billionaire Leonard Blavatnik, the founder of holding company Access Industries, and Israeli businessman Ynon Kreiz.

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