Meredith Corp. withdrew its HSR filing effective as of Dec. 26 and intends to refile its HSR filing in regards to its deal to buy Time Inc. in an all-cash transaction valued at $2.8 billion on Dec. 28.
As a result, the 15-day waiting period under the HSR Act applicable to the Time Inc. transaction will expire at 11:59 p.m. ET on Jan. 12, 2018, unless earlier terminated or extended, the company said in a Dec. 26 SEC filing.
Also, a putative class-action lawsuit challenging the transactions contemplated by the merger agreement on Dec. 21 filed in the U.S. District Court in the Southern District of New York. The complaint was filed against the company and each member of the Time Inc.'s board.
The complaint accused the board members of breaching federal securities laws by failing to disclose purportedly material information in the Schedule 14D-9. The plaintiff seeks, among other things, an injunction against the consummation of the transactions. The suit has been consolidated with the earlier filed lawsuit.