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Time Inc: in demand after takeover agreement by Meredith.

(CercleFinance.com) - The Time Inc stock is soaring 9% in early trading on Wall Street, the day after the media group - which includes Time, Fortune and People - announced an agreement to be taken over by Meredith Corporation.

Under the terms agreed, Meredith will launch a cash offer on all of Time Inc's capital at a price of 18.5 dollars per share, representing a total transaction value of approximately 2.8 billion dollars, including net debt.

Unanimously approved by both groups' boards of directors, the deal should be finalised in the first quarter of 2018, subject to customary conditions and on obtaining regulatory approvals.

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