Hugh Taking Playboy Private at $6.15
"Playboy Enterprises Inc. agreed to be taken private for $207 million by founder Hugh M. Hefner, who increased his bid to gain full control of the 58-year-old magazine publisher amid slumping circulation and losses.
Hefner, 84, is offering to buy the Class A stock and Class B shares he doesn’t already own for $6.15 per share, representing an 18 percent premium over the Class B closing price of $5.20 a share on Jan. 7, the company said in a statement today. Hefner said in July he would pay $5.50 a share in cash for the stock.
The decision by a Playboy board committee to support Hefner ends a contest for control with FriendFinder Networks Inc., owner of Penthouse adult magazine, which in July said it would offer $210 million for Chicago-based Playboy. The board determined Hefner’s bid is in the company’s best interests, Sol Rosenthal, a board member, said in a statement."