Contributed by: Editor on Thursday, July 15 2010 @ 03:57 pm
Last modified on
FriendFinder Networks Inc. made an offer on Thursday to buy Playboy Enterprises, Inc for $210 million. The founder of Playboy Magazine, Mr. Hefner, owns about 70 percent of Class A commons stock and 28 percent of Class B giving him complete voting control. The CEO of FriendFinder Networks, Marc Bell, stated that:
We look forward to Mr. Hefner and other key members of management being an integral part of the combined companies.
The problem with the offer is that last week Mr. Hefner made his own bid to take Playboy private at $185 million (or $5.50 a share). Playboy (PLA) is currently trading at around $5.65 on the New York Stock Exchange.
For more on the story read Stock Markets Review.