Boca Raton, Fla. – FriendFinder Networks, the operator of a
range of adult dating and social networking sites, as well as Penthouse.com,
announced on Thursday that it has sent a letter to Playboy indicating its
interest to purchase the company for more than $210 million. Earlier this week,
Playboy founder and publisher Hugh Hefner offered $5.50 a share — at the time
a 40% premium — to acquire Playboy’s shares and take the company private in a
deal valued at around $185 million.
"We would propose an arrangement where
we would partner with Mr. Hefner in our efforts to drive shareholder
value," reads the letter from FriendFinder.
"We envision that
following the completion of the proposed transaction, Mr. Hefner would retain
editorial control of Playboy Magazine and would be entitled to reside in the
Playboy Mansion."
FriendFinder notes that its proposal would represent at least a 10% premium on Hefner’s offer.
Related Links:
http://ffn.com/about/public.relations/press.release_2010_07_15b
http://tinyurl.com/275b8bm
(PaidContent)
http://tinyurl.com/23trr82
(DMW previous coverage)
