Time shares jump after rejected takeover bid

Shares of Time surged more than 17 percent Monday after the media company rejected a takeover bid from billionaire investor Edgar Bronfman Jr., CNBC sources have confirmed.

Bronfman offered the company, which is the publisher of People, Time and Sports Illustrated, $18 per share, the New York Post first reported Monday. That's a 30 percent premium over Time's Friday closing price of $13.80.

With Monday's gains, the stock is up 2 percent this year.

Time did not respond to a request for comment.

— CNBC's David Faber contributed to this report.