The publisher of Playboy magazine has agreed to Hugh Hefner taking the company private.
Playboy founder Hugh Hefner has sweetened his offer to buy Playboy, taking it back private for a cool $207 million.
The price of $6.15 a share is an 18 percent premium over Friday’s closing price and values the company at about $207 million. Hefner reportedly offered $5.50 per share back in July.
The company that owns Penthouse actually offered $210 million but due to Hefner being the biggest stock owner in the magazine, the publisher agreed to Hefner’s offer.
The magazine has struggled with competition from the Internet in recent years, losing many readers and subscribers.
“With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company,” Hefner said in a statement.
“The brand resonates today as clearly as at any time in its 57-year history. I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world.”
Hefner, 84, has also been in the news recently for his engagement to Playmate Crystal Harris, 23.
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