Playboy's nod to Hefner buyout offer | business | Hindustan Times
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Playboy's nod to Hefner buyout offer

The publisher of Playboy magazine has agreed to a sweetened offer by founder Hugh Hefner to take the company private, a bit topping Hefner's offer of $5.50 per share in July.

business Updated: Jan 10, 2011 23:31 IST

The publisher of Playboy magazine has agreed to a sweetened offer by founder Hugh Hefner to take the company private.

The price of $6.15 a share is an 18% premium over Friday's closing price and values the company at about $207 million. The bid tops Hefner's offer of $5.50 per share in July.

A group led by Penthouse magazine has also made an offer for Playboy Enterprises Inc. valued at $210 million.

But Hefner is Playboy'slargest shareholder with about 70% of the company's voting shares and 28% of the non-voting stock.

The company's namesake magazine has struggled with competition from the Web, losing readers and advertisers.