Meredith extends tender offer for Time Inc. shares
Meredith Corp. announced today that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Time Inc. The offer for $18.50 per share will now expire at 11 p.m. Central time on Jan. 25, per terms of the merger agreement, unless further extended. All other terms and conditions of the offer remain unchanged, the Des Moines-based media company said in a release. As of close of business on Jan. 10, approximately 59 million shares, or 58.7 percent of the outstanding Time shares, had been validly tendered and not properly withdrawn under the offer. Meredith announced on Nov. 26 it had entered into the deal, which is valued at $2.8 billion.