Time Inc. reported the sale of its...

Time Inc. reported the sale of its 2.4 million shares in Temple-Inland Inc. at $45.62 per share . . . Fruehauf managers must wait until late August before taking the company private and in the interim must negotiate with investor Asher B. Edelman on his hostile attempt to acquire the truck-trailer maker, a federal judge ruled in Detroit . . . Teledyne Inc. reported that it plans to spin off to its shareholders the operations and business of its Argonaut Casualty Insurance operations.