Penthouse Bid Is Higher Than Hef’s For Playboy Shares

Penthouse parent-company FriendFinder Networks Inc. is making life difficult for Playboy founder Hugh Hefner. Hef has been trying to buy up outstanding shares in Playboy in an effort to take the company private. He recently made a $123 million to buy out remaining shares in a company worth an approximated $185 million. FriendFinder, however, went over the top and bid $210 million.
Hefner owns 70 percent of the voting stock for the company, so Penthouse’s offer is really more of hassle for him than anything else.
“Penthouse really isn’t in the picture,” Hefner told Bloomberg. “I’m buying, not selling.”
For his part FriendFinder Chief Executive Officer Marc Bell said he’d let Hef stay in the mansion should his company launch a successful hostile takeover.