Meredith Reportedly In Late-Stage Talks For Time Inc. Takeover

(RTTNews) - Meredith Corp.'s (MDP) weeks-long pursuit of an acquisition of Time Inc. has advanced into late-stage discussions, Bloomberg reported citing people familiar with the matter.

Time's board met Tuesday for an update on the sale talks, one person said.

Other potential buyers, including a consortium led by Pamplona Capital Management, also remain in discussions for Time. One bidder, a large U.S. publicly traded company, isn't actively involved in discussions but has told Time it may want to make an offer once it sees how talks with other bidders shake out, the report said.

Meredith's likely buyout offer still stands at slightly more than $20 per share, the people said, valuing Time at about $2 billion. Time has been running a sales process since the beginning of the year.