It’s been over half a year since Playboy (NYSE: PLA) entertained any possible buyers, so founder Hugh Hefner has decided enough is enough; he has stepped in with an offer to take the company private for $5.50 per share. The 84-year-old Hefner currently owns 69.5 percent of PEI’s Class A common stock and 27.7 percent of PEI’s Class B common stock. In his proposal to buy the remaining shares back, Hefner says he has been working with Rizvi Traverse Management as a partner.
Updated: Friendfinder Networks, the parent of Playboy’s racier rival Penthouse magazine, is also planning to challenge Hefner’s bid, the WSJ reported. Friendfinder CEO Marc Bell didn’t offer specifics, saying only that, “We’ve had an interest in Playboy for a very long time and we’re looking at an alternative proposal.”
At the end of last year, it looked as if Playboy might finally be close to a sale. But the leading candidate, Iconix, balked after Hefner reported demanded too much