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Bronfman offered $18 per share, the Post reported, representing
a premium of 30.4 percent to Time Inc's Friday close and valuing
the publisher at $1.78 billion.
New York-based Time Inc's shares jumped 11.6 percent to $15.40
in premarket trading on Monday.
Bronfman, who is a managing partner of private equity firm
Accretive LLC, made the bid along with Russian-born billionaire
Leonard Blavatnik, the founder of holding company Access
Industries, and Israeli businessman Ynon Kreiz, the Post
reported. (http://nyp.st/2g8SQtd)
Bronfman, a former chief executive of Warner Music Group, has a
long history in the media and entertainment world. His family
made its fortune from Seagram's, once the largest distiller of
alcoholic beverages in the world.
Time Inc and Access Industries did not immediately respond to
requests for comment, while Bronfman could not immediately be
reached.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai
Sachin Ravikumar)
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