Chicago – Playboy Enterprises (NYSE: PLA) announced on Monday that it
has received an offer from founder Hugh Hefner to take the company private for
$5.50 per share. The price
represents a premium of around 40% over the $3.94 closing price of Playboy’s
shares on Friday.
Hefner, who owns 69.5% of Playboy’s Class A and 27.7% of the
company’s Class B stock, said he has been in discussions with Rizvi Traverse
Management to partner on the transaction.
Rizvi said its discussions with major
lenders makes it "highly confident ample financial resources will be
available to complete the transaction.