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
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.