Time Inc (TIME.N), the publisher of Time, People and Fortune magazines, has rejected a takeover bid from billionaire investor Edgar Bronfman Jr., the New York Post reported on Monday.

Bronfman offered $18 per share, the Post reported, representing a premium of 30.4 percent to Time Inc’s Friday close and valuing the publisher at $1.78 billion.

New York-based Time Inc’s shares jumped 11.6 percent to $15.40 in premarket trading on Monday.

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