P.M. BRIEFING : Time Stock Soars on Bass Purchase
Time Inc. stock shot up nearly $9 a share today following a published report that Robert M. Bass Group had acquired more than 2% of its stock.
The Bass group is considering several options, including a possible offer for Time, the Wall Street Journal said in today’s editions.
Time and Warner Communications Inc. said March 4 they planned to merge to create the world’s largest information and entertainment company. Some investors have complained that the terms of the merger make it a bad deal for Time shareholders.
Time was up $8.75 a share at $120 in late-morning trading on the New York Stock Exchange, slightly off its high of the session. Warner stock was up $1.12 1/2 at $48.50.