Meredith Corporation announced that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Time Inc. for US$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. (US 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, the depository for the Offer, has advised Meredith that as of the close of business 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notice of guaranteed delivery for which shares have not yet been delivered) have been validly tendered and not properly withdrawn pursuant to the Offer, representing approximately 58.7 per cent of the outstanding shares of common stock of Time.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, a wholly owned subsidiary of Meredith, and Time.
Meredith Corporation and Time Inc. are members of FIPP.
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