Playboy to Go Private
Playboy to Go Private
Playboy Enterprises has reached an agreement to make the company a privately held entity for a reported $6.15 per share. The agreement was announced Monday in which the publisher agrees to let Icon Acquisition Holdings, a limited partnership controlled by the magazine's founder Hugh Hefner, purchase the company's shares for $6.15, representing an 18.3 percent premium over the stock's closing price on Friday. The bid also surpasses Hefner's original offer in July to purchase all outstanding shares for $5.50 per.
Hefner, who originally founded Playboy Enterprises in 1957, presently holds nearly 70 percent of the company's Class A stack and about 28 percent of its Class B shares. “With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company. The brand resonates today as clearly as at any time in its 57-year history,” Hefner said in a statement. “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.”
Current Playboy CEO Scott Flanders will reportedly hold his position after the buyout, and plans to maintain a significant equity investment in the company. The agreement values Playboy at around $207 million and prompted shares to surge ahead 17.5 percent to $6.11 in premarket trading.
Playboy Enterprises has reached an agreement to make the company a privately held entity for a reported $6.15 per share. The agreement was announced Monday in which the publisher agrees to let Icon Acquisition Holdings, a limited partnership controlled by the magazine's founder Hugh Hefner, purchase the company's shares for $6.15, representing an 18.3 percent premium over the stock's closing price on Friday. The bid also surpasses Hefner's original offer in July to purchase all outstanding shares for $5.50 per.
Hefner, who originally founded Playboy Enterprises in 1957, presently holds nearly 70 percent of the company's Class A stack and about 28 percent of its Class B shares. “With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company. The brand resonates today as clearly as at any time in its 57-year history,” Hefner said in a statement. “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.”
Current Playboy CEO Scott Flanders will reportedly hold his position after the buyout, and plans to maintain a significant equity investment in the company. The agreement values Playboy at around $207 million and prompted shares to surge ahead 17.5 percent to $6.11 in premarket trading.
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