Via Reuters reporters Lauren Hirsch and Jessica Toonkel, some good news and bad news for Time Inc. shareholders. The bad news is that Meredith Corp.’s preliminary offer is below Time Inc.’s preferred deal-valuation threshold. The good news is that negotiations have only just begun.
From today’s Reuters exclusive:
While Time Inc. is looking to sell itself for more than $20 per share, Meredith has so far made a preliminary offer with a price range that values it below that, the people said this week. The exact price range that Meredith has offered could not be learned.
The sources cautioned that Time Inc. is still willing to engage with Meredith in price negotiations, which have yet to kick off in earnest. Time Inc. has also been pursuing offers from other parties in what is seen as a competitive sale process, according to the sources.
As the article notes, Meredith was engaged in previous negotiations to buy the publisher a few years ago, during the Time Warner era.