When asked if the independent directors were talking about a lawyer, the company said it was not true.

But a crucial issue is the quality of the independent directors.

The company said a committee of independent directors would review the offer.

One executive close to Time said the company's eight independent directors are "100 percent behind the program."

The names of the other two independent directors could not be learned last night.

But it's difficult to figure out exactly who the independent directors are at Century.

"You want to know there are at least one or two independent directors asking the hard questions."

If the independent directors thought it was necessary to form such a committee, they would have, he said.

And the board has other business, including whether to add an additional independent director.

The company said its independent directors would study the offer.