The owner of Penthouse magazine made an offer on Playboy Enterprises Inc and said that its new bid outbids the proposal that Hugh Hefner made to purchase Penthouse by about ten percent.
FriendFinder Networks, the rival of Penthouse, yesterday said that it could make an offer to purchase Playboy that would put its equity at around $210m and that it would like to meet with Playboy’s board on July 21st.
Hefner and his partner Rizvi Traverse Management proposed this week that they could make Playboy a private company for $5.50 a share which would place the total value of the company at about $185 million.
At age 84, Hefner already owns about 70% of the Playboy Class A stock and another 28% of the company’s Class B stock.
Chief executive of FriendFinder, Marc Bell, wrote in a letter yesterday that they hope that following the transaction Hefner would still have control over the editorial content of the magazine and be allowed to stay in the Playboy Mansion where he currently resides.
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