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Meredith has 'capacity' for more deals, CEO says

Meredith Corp. CEO Stephen Lacy said the company has the "capacity for additional acquisitions, especially on the broadcast side."

The executive was speaking on a Nov. 27 conference call to discuss Meredith's offer to buy Time Inc. in an all-cash transaction valued at $2.8 billion. Meredith agreed to pay $18.50 per share for the New York-based publisher of the TIME magazine. The offer represents a 46% premium over the closing price on Nov. 15, the day prior to media reports of Meredith's renewed interest in Time Inc. Time Inc.'s shares closed at $16.90 on Nov. 24.