Penthouse Publisher Outbids Hefner in Battle Over Playboy

As expected, Marc Bell, owner of adult social networking site FriendFinder and publisher of Penthouse, has launched a $210 million bid for Playboy Enterprises. Bell’s offer trumps one Playboy founder Hugh Hefner made earlier this week. Hefner’s privatization bid valued the company at $185 million.
TheWrap reports: “In making the offer, Bell and Boca, Raton, Fla.-based FriendFinder announced that they have retained Imperial Capital LLC as a financial adviser.”

As expected, Bell used the opportunity to tweak the 84-year-old icon. “We would propose an arrangement where we would partner with Mr. Hefner in our efforts to drive shareholder value,” Bell wrote in a letter to Playboy’s board. “We envision that following the completion of the proposed transaction, Mr. Hefner would retain editorial control of Playboy Magazine and would be entitled to reside in the Playboy Mansion.”

For further reading, here’s Bell’s letter to Playboy’s board of directors.
(h/t TheWrap)