Meredith Reportedly Submitted Bid For Time Inc. Of $17 To $20/shr

(RTTNews) - Meredith Corp. (MDP) has made a takeover bid for storied magazine publisher Time Inc. (TIME) in the range of $17 to $20 per share, the Wall Street Journal reported citing people familiar with the situation.

A deal at that price would value Time Inc.'s equity at almost $2 billion.

On Thursday, Time Inc.'s stock jumped 28% to $16.20, valuing the company at $1.6 billion, following reports that Meredith had lined up financing commitments from the billionaire Koch brothers and several banks in pursuit of a Time Inc. acquisition.

Members of Time Inc.'s board have received the offer and have begun discussing the matter, the report said.

This is at least the third attempt by Meredith, the publisher of titles such as Better Homes and Gardens and Family Circle, to combine with Time Inc., known for its People, Sports Illustrated and Time magazines.

Since its first approach in March 2013, the Time Inc. business was spun off from parent company Time Warner Inc.