Street Skeptical Of Bronfman Bid For Time

Time Inc TIME shares are trading higher by $2.20 (17 percent) at $16.00 in Monday's session.

That is a quite a distance from the $18 per share level that the New York Post reported was being offered by a group investors led by billionaire Edgar Bronfman. The reason for the steep discount to the buyout price is that Time's board has said it's not interested in selling the company, or perhaps is looking for a sweetened offer.

The $18 price tag comes in between its all-time low that was made in February ($12.23) and its all-time high that was made in February 2015 ($25.95).

Although there is some skepticism over the $18 offer, investors have been aggressively purchasing shares of the issue now that it may be in play.

After a higher open, it had a brief dip to $15.05, but has now rallied into the $16 handle.