The owner of Playboy rejected a $100 million cash offer from Hugh Hefner’s son to take over the company.
PLBY Group said Cooper Hefner presented the takeover bid and it ultimately rejected the offer Oct. 24, according to The Hollywood Reporter.
“After careful review and consideration of Hefner’s unsolicited proposal, our Board determined that the proposal substantially undervalues the Playboy assets and is not in the best interest of PLBY Group’s stockholders,” PLBY Group CEO Ben Kohn said, according to The Hollywood Reporter.
Los Angeles, CA – OCTOBER 25: (L-R) Cooper Hefner, Hugh Hefner and Crystal Hefner attend Playboy Mansion’s Annual Halloween Bash at The Playboy Mansion on October 25, 2014 in Los Angeles, California. (Photo by Charley Gallay/Getty Images for Playboy)
Speaking on behalf of the organization, Kohn explained the decision to shut down Hefner‘s sizable offer.
“While we certainly understand and are appreciative of the interest in Playboy’s unparalleled brand, the Board is confident that the Company’s continuing pursuit of its Playboy-focused, asset-light model will better support long-term value for stockholders,” he said, according to The Hollywood Reporter. “The Board will continue to evaluate all options and opportunities for Playboy.”
Bridget Amarquardt, Holly Madison, Hugh Hefner, Zoe Gregory, Sheila LeVell, (front row) Cristal Camden and Izabella St. James (Photo by Denise Truscello/WireImage) Getty Images
PLBY Group noted the board decision to turn down the $100 million offer was unanimous.
Hefner approached the board with his offer Oct. 21 and told The Hollywood Reporter his pursuit of Playboy was a personal one.
“The decision to acquire Playboy’s assets stems from a personal connection and the unique potential to reinvigorate a brand cared for around the world,” Hefner said.
LAS VEGAS, NV – JULY 29: Playboy Chief Creative Officer Cooper Hefner arrives at Playboy’s Midsummer Night’s Dream at the Marquee Nightclub at The Cosmopolitan of Las Vegas on July 29, 2018 in Las Vegas, Nevada. (Photo by Gabe Ginsberg/Getty Images)
“This effort is about safeguarding a legacy built over decades, ensuring that the creativity, values and cultural relevance that defined Playboy are not lost.” (RELATED: ‘I’m My Own Hugh Hefner’: Baywatch Alum Brande Roderick Boasts About Her OnlyFans Success)
The rejection of the original offer and Kohn’s statement noting the promise to “evaluate all options” for the brand suggests there may be other deals in play now or in the near future.
This article was originally published at dailycaller.com
