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.