Playboy Enterprises, Inc. today announced that its board of directors has received a proposal from Hugh M. Hefner to acquire all of the outstanding shares of Class A and Class B common stock not currently owned by Hefner, at $5.50 per share in cash.

Hefner currently owns 69.5% of Playboy's Class A common stock and 27.7% of the Class B common stock.

In the proposal letter, Hefner advises the board of directors that out of Hefner's concerns for, amongst other matters, the Playboy brand, the editorial direction of the magazine and its legacy, Hefner is not interested in any sale or merger of Playboy, or selling Hefner's shares to any third party or entering into discussions with any other financial sponsor.

No decisions have been made by the board of directors thus far.

If the proposal moves forward, Playboy's board of directors will form a special committee of independent directors to consider the proposal. The committee would retain independent financial advisors and legal counsel to assist it in its work.


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