Playboy Enterprises Forms Committee To Evaluate Hugh Hefner's Proposal
Playboy Enterprises has organized a special committee to look over Playboy founder Hugh Hefner’s bid to buy up the company’s remaining shares.
The two committee members — Sol Rosenthal, counsel in the L.A. office of Arnold & Porter, and Shing Tao, the chairman and chief investment officer of the private investment group Pacific Star Partners — are tasked with evaluating Hefner’s bid against that of Penthouse owner Marc Bell.
Bell, who is the head of FriendFinder networks, made an offer worth $25 million more than Hefner’s, at around $210 million.
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