Reuters: Meredith bid for Time short on price; shares fall

|About: Meredith Corporation (MDP)|By:, SA News Editor

Meredith (MDP -2.2%), considered a likely favorite in the bidding to acquire Time Inc. (TIME -3.7%), has made a preliminary offer that is short of price expectations, Reuters reports.

While Time would like to see $20/share, Meredith's bid is at a lower price range than that, sources said, though noting that negotiations are still in early stages. Time is down to $18.25 today from yesterday's $18.95.

A group led by private-equity firm Pamplona Capital Management is said to stay interest in Time, but with an equally unlikely chance of meeting that price expectation from Time.