Time Inc. Rejects Buyout Bid

Price was a 30 percent premium on its Friday close.

Time Inc. has rejected a buyout bid proposed by Edgar Bronfman Jr. (pictured).

Bronfman is a managing partner at Accretive LLC, a private equity firm that typically invests in tech companies.

The New York Post reports that Bronfman teamed up with Len Blavatnik and Ynon Kreizto buy Time Inc. at $18 a share.

Time Inc. rejected the offer, which would’ve been a 30 percent premium on its Friday closing price.