Playboy Enterprises Rises 16.9% On Takeover News (PLA)

Shares of Playboy Enterprises, Inc. PLA are trading up 16.9% at $6.08 per share during the Monday afternoon trading session. The stock surged after the company announced that founder Hugh Hefner planned to take the company private through a $6.15 per share offer from Icon Acquisition Holdings L.P., a limited partnership controlled by Mr. Hefner. Mr. Hefner said, "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. 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." The day's range for shares of Playboy Enterprises, Inc has been between $6.07 and a 52-week high of $6.10 per share. The average price target of analysts who cover Playboy Enterprises, Inc. (PLA) is $5.25 per share. Volume of 6.9 million shares is far above the daily average volume of 127,000 shares. Playboy Enterprises, Inc publishes Playboy magazine in the United States and abroad and creates content for distribution via television networks, websites, mobile platforms and radio. Through licensing agreements, the Playboy brand appears on a wide range of consumer products in more than 150 countries as well as retail stores and entertainment venues. Read more from Benzinga's Company news.