Hugh Hefner wants to take Playboy private, and with a stock that has been languishing for the last four years it sure seems like investors should just let him.
On Monday Playboy Enterprises founder Hugh Hefner, who already owns 69.5% of Playboy's Class A shares and 27.7% of its Class B shares, offered to buy the portion of the company he does not own for $5.50 per share in cash. The offer, from Hefner and planned partner Rizvi Traverse Management, values the company at $185 million, Forbes reports.
According to The Guardian, Hefner, 84, is renowned for hosting younger girlfriends at his Playboy mansion in
In a statement, Playboy said it would form a special committee of independent directors to assess Hefner's proposal. The company said that, in a letter, Hefner had insisted he would not sell to a third party out of concern for "the PEI [Playboy] brand, the editorial direction of the magazine and
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