Time shares spike 8 percent after receiving a bid from a group of investors
Shares of Time (TIME) spiked 8 percent Thursday, after the company received a takeover bid from a group of media investors that includes billionaire Edgar Bronfman Jr.
The media company, whose shares closed the day at at $17.75, has reportedly tapped Morgan Stanley (MS) and Bank of America (BAC) to assist in the takeover and field partnership interest.
In November, Time rejected a takeover bid from Bronfman when he offered $18 per share.
Time, the publisher of People, Time and Sports Illustrated, has struggled with declines in advertising and falling revenue. In the third quarter, the media company reported a 3 percent year-to-year sales drop and reduced its full-year guidance for 2016.
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