Hefner offered a price of $5.5 per share, with almost 40% more than the quotation of $3.94 from Friday’s closing stock meeting, announced Monday, Playboy Enterprises.
He already holds 69.5% of Class A shares and 27.7% of Class B shares. Their classification is based on voting rights. In most cases, Class A title gives the holder more voting rights than Class B.
The funding will be provided by the company Rizvi Traverse Management, Hefner’s partner in this transaction. Hefner is not interested in selling or merging the company, Playboy Enterprises announced.