The publisher of Playboy magazine said it has agreed to a sweetened offer by founder Hugh Hefner to take the company private. The price of $6.15 a share values the company at about $207 million. Hefner is Playboy's largest shareholder with about 70 percent of the company's voting shares.» E-Mail This » Add to Del.icio.us
Playboy tycoon Hugh Hefner has struck a deal to return Playboy Enterprises to private ownership, according to a statement Monday.Not usually one to shy away from the public sphere, slumping sales and poor finances appear to have convinced Hefner to end his company's flirtation with the stock market.The octogenarian publisher agreed to pay $6.15 for each share owned by partners, a more than 18 percent premium over Friday's closing price.
Playboy Enterprises, the magazine's parent company, said Monday morning that magazine founder Hugh Hefner has offered to buy all of the shares of the media empire that he doesn't already own -- amounting to about $120 million. The 84-year-old Hefner also wants to turn it into a privately held company, which means taking it off the stock market. Hefner said he's concerned about the Playboy brand and the magazine's editorial direction.