Shares of Time Inc. (TIME) are up about 17% Monday after the company reportedly declined a takeover offer of $18 per share from Edgar Bronfman, managing partner of a private equity firm.

Bronfman had tried to team up with Access Industries, a private holding company, and Ynon Kreiz, an Israeli businessman, to complete the buyout.

"This has been a disaster," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said of the Time business on CNBC's "Mad Dash" segment Monday.

The company has been struggling and so has the stock, which is flat on the year despite Monday's rally and is down about 35% over the past two years.

Cramer asked why this group would want to buy Time unless it is because the participants have a lot of money and may have just wanted to own the media company for its well-known name and number of brands, including Sports Illustrated, People and Food & Wine.

Cramer added that what really put Sports Illustrated, another Time property, "in its grave" was Disney (DIS) spending heavily to build out ESPN's online and technological presence.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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