The owner of media properties including Time, Sports Illustrated and People previously had postponed the deadline to nominate directors to April 21 from March 23, according to a Securities and Exchange Commission filing.
Time originally had pushed the deadline back, as it was under pressure from activist investor Jana Partners and its founder, Barry Rosenstein, according to a person familiar with the situation. The activist's presence was likely a key reason why Time decided to evaluate potential offers in the first place, which was widely reported, according to the New York Post, which cited an unnamed source.
The company, however, did not push back the deadline again as it came and went, partly because the activist fund believed the media company was doing what it was supposed to be doing -- evaluating potential offers -- the person added.
In a statement, Time said that it had never initiated a strategic review process. The media company added, though, that it had evaluated a "number of expressions of interest" with the assistance of external advisers. "Following that review, the board has determined that the company will continue to pursue its strategic plan," Time said.
Jana Partners has held a 5.05% stake in Time since February. The activist fund has launched 56 campaigns at 55 different companies as of 2001.
Time's annual meeting is set for June 29. It plans to report first-quarter earning results on May 10.
The company's stock was down nearly 17% to $15.20 on the news Friday before the opening bell.