London, July 13 (ANI): Hefner 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. (ANI)