London (ANI): Hugh Hefner has made a bid to take Playboy Enterprises private. Hefner has plans to buy all the shares he doesn"t own currently, for 5.50 dollars a share in cash, valuing the company at around 185 million dollars - a premium of about 40pc to its closing price of 3.94 dollars on Friday.
He already owns around 69.5pc of Playboy's ordinary shares and 27.7pc of its B shares. According to The Telegraph, Hefner will partner with Rizvi Traverse Management to raise the finances from major lenders.
The company explained that Hefner, as per his proposal letter, was not interested in a sale or merger of Playboy Enterprises, selling his shares to someone else, or entering into talks with other financial sponsors to do a similar deal.