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Parent Company of Penthouse Bids for Playboy (PLA)

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Shares of Playboy Enterprises (NYSE: PLC) are higher on the session by 1.27%, currently trading at $5.58. This comes after news that FriendFinder Networks Inc., the parent company of Penthouse, is making a $210 million bid for the company.

FFN said that it believes its offer is in the best interest to shareholders and has proposed to meet with Playboy's board on July 21 to discuss the offer.

Playboy founder Hugh Hefner, who owns 69.5% of the company's Class A common stock and 27.7% of its Class B shares, offered to take the company private for $5.50 a share on Monday. Hefner's offer values the company at about $184 million.

Playboy Enterprises, Inc. is a global media and lifestyle company. Its programming and content are available worldwide on television networks, Websites, mobile platforms and radio. The company has three segments: Entertainment, Print/Digital and Licensing.

 

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Posted-In: FriendFinder Networks Inc. Hugh HefnerM&A News Movers