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 25, 2018, per terms of the merger agreement, 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 10, 2018, approximately 59,024,324 shares of common stock of Time (not including 4,812,404 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notice of guaranteed delivery for which shares have not yet been delivered) have been validly tendered and not properly withdrawn pursuant to the Offer, representing approximately 58.7% of the outstanding shares of common stock of Time.

The completion of the Offer remains subject to certain customary terms and conditions set forth in the Offer to Purchase, dated December 12, 2017, as amended, and other related materials by which the Offer is being made. The Offer has been extended to allow additional time for the satisfaction of the conditions of the Offer set forth in the merger agreement entered into on November 26, 2017 among Meredith, Gotham Merger Sub, Inc., a wholly owned subsidiary of Meredith, and Time.
https://ir.meredith.com/news-releases/press-release-details/2018/Meredith-Corporation-Extends-Tender-Offer-To-Acquire-Time-Inc/default.aspx

Related Posts

Xerox Responds to Fujifilm Lawsuit

Xerox Vice Chairman and CEO John Visentin sent a letter to Fujifilm Chairman Shigetaka Komori responding to the lawsuit filed by Fujifilm last week. “Fujifilm should realize that the internal accounting issues at Fuji Xerox were a result of their mismanagement, which made it impossible to close the announced transaction” said Visentin. “We cannot stand by and let them further harm our iconic brand. The lawsuit is nothing more than a desperate and misguided negotiating ploy to save their takeover attempt, which to this day remains enjoined by order of the New York State Supreme Court, and could take our focus away from serving our customers.” “Our focus is on running the business in the service of our thousands of customers and partners and delivering exceptional value through market-leading services, products and delivery capabilities,” added Visentin. Click Read More below for additional information.

URBN Reports Record Holiday Sales

Urban Outfitters, Inc. announced net sales for the two and eleven months ended December 31, 2023. Total Company net sales for the two months ended December 31, 2023, increased 10% compared to the two months ended December 31, 2022. Total Retail segment net sales increased 8%, with comparable Retail segment net sales increasing 6%. Comparable Retail segment net sales increased 20% at Free People and 14% at Anthropologie and decreased 13% at Urban Outfitters. Wholesale segment net sales increased 15% driven by an increase in Free People wholesale sales primarily due to increases in sales to department stores and specialty accounts, partially offset by a decrease in Urban Outfitters wholesale sales. Nuuly segment net sales increased 71% primarily driven by a 58% increase in our subscribers versus the end of the prior year's comparable period.

USPS Reports Ongoing Service Performance Improvements Across All Mail Categories

Fourth-quarter service performance for July 1 through July 16 included: *First-Class Mail: Delivered 89.3 percent of First-Class Mail on time against the USPS service standard, an improvement of nearly 2 percentage points from the third quarter. *Marketing Mail: Delivered 92.0 percent of Marketing Mail on time against the USPS service standard, an improvement of 1 percentage point from the third quarter. *Periodicals: Delivered 83.0 percent of Periodicals on time against the USPS service standard, an improvement of nearly 4 percentage points from the third quarter. The Postal Service’s continued improvement despite seasonal effects from the Independence Day federal holiday anticipated during for the period of July 10 to July 16.
Back To Top
×Close search
Search