The owner of Playboy has rejected a $100 million cash offer to take over the company from Hugh Hefner’s son.
On October 24, PLBY Group announced that Cooper Hefner had made a tender offer for its shares, but ultimately rejected the offer. hollywood reporter.
According to the Hollywood Reporter, PLBY Group CEO Ben Cohn said, “After careful consideration of Mr. Hefner’s unsolicited proposal, the Board of Directors believes that the proposal materially undervalues Playboy’s assets.” “We have determined that this is not in the best interests of PLBY Group’s shareholders.”
LOS ANGELES, CA – OCTOBER 25: (LR) Cooper Hefner, Hugh Hefner and Crystal Hefner attend the annual Playboy Mansion held at the Playboy Mansion on October 25, 2014 in Los Angeles, California. Attended Halloween bash. (Photo by Charlie Galley/Getty Images for Playboy)
Speaking on behalf of the group, Cohn explained the decision to terminate Hefner’s huge offer.
“While we certainly understand and appreciate the interest in Playboy’s unparalleled brand, the Board of Directors believes that the Company’s continued pursuit of an asset-light model with a Playboy focus will We believe we can better support long-term value for our shareholders.” to the Hollywood Reporter. “The board will continue to evaluate all options and opportunities for Playboy.”
Bridget Amarcato, Holly Madison, Hugh Hefner, Zoe Gregory, Sheila Rebel, (front row) Crystal Camden, Isabella St. James (Photo: Denise Truscello/WireImage) Getty Images
PLBY Group noted that the board’s decision to reject the $100 million offer was unanimous.
Mr. Hefner approached the board with his offer on October 21, telling The Hollywood Reporter that his pursuit of Playboy was personal.
“The decision to acquire Playboy’s assets was born out of a personal connection and the unique opportunity to reinvigorate a globally beloved brand,” Hefner said.
LAS VEGAS, NV – JULY 29: Playboy Chief Creative Officer Cooper Hefner attends the Marquee Nightclub at The Cosmopolitan of Las Vegas on July 29, 2018 in Las Vegas, NV. Arrival at Playboy’s A Midsummer Night’s Dream. (Photo by Gabe Ginsberg/Getty Images)
“This initiative is designed to preserve the legacy built over decades and ensure that the creativity, values and cultural relevance that define Playboy are not lost.” (Related article: ‘I’m my own Hugh Hefner’: Baywatch alum Brando Roderick brags about his OnlyFans success)
Cohn’s statement, which noted the rejection of the initial offer and the brand’s promise to “evaluate all options,” suggests other deals may be in the works now or in the near future. Masu.
