Meredith Corporation Extends Tender Offer To Acquire Time Inc.

Meredith Corporation (NYSE: MDP; www.meredith.com) announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Time Inc. (NYSE: TIME) (“Time”) for $18.50 per share in an all-cash transaction valued at $2.8 billion (the “Offer”). The Offer will now expire one minute after 11:59 p.m. (Eastern Time) on January 30, 2018, unless further extended. All other terms and conditions of the Offer remain unchanged. Computershare Trust Company, N.A., the depository for the Offer, has advised Meredith that as of the close of business (Eastern Time) on January 25, 2018, approximately 65,987,804 shares of common stock of Time (not including 1,305,100 shares tendered by notice of guaranteed delivery for which shares have not yet been delivered) have been validly tendered and not properly withdrawn pursuant to the Offer, representing approximately 65% of the outstanding shares of common stock of Time.

Meredith currently expects the transaction will close on January 31, 2018, subject to the satisfaction of all closing conditions and following consummation of the previously-announced financing transactions in connection with the Time acquisition.
https://ir.meredith.com/news-releases/press-release-details/2018/Meredith-Corporation-Extends-Tender-Offer-To-Acquire-Time-Inc-1262018/default.aspx

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