Talks to buy Time Inc. continue to drag on and several sources think that the suitors are waiting to see how the first quarter stacks up when the publisher of People, Time, Sports Illustrated, Fortune and InStyle reports results in the first week of May.
One stockholder said he believes Time “is having a good first quarter, better than expected.” That, of course, could be complicating the picture for suitors — who are trying to drive the price down.
Meredith, seen as the primary suitor, is said to be trying to walk the price down from the $20 a share that the board is said to be seeking.
Reuters reported last week that Meredith had submitted a bid below expectations. Sources close to the situation, however, said there are still several companies “hanging around to see how it plays out” — including Pamplona Capital and Najafi Companies.
Time Inc. stock on Tuesday closed down 20 cents, at $18.30 a share.