In order make Playboy a private company, Hugh Hefner has backing from a private equity firm Rizvi Traverse Management LLC to buy the shares of his empire that he does not already own.
But he’s got some competition!
CEO of FriendFinder, Mark Bell, is planning on making a formal bid.
Although Hef does not plan on selling his shares or the company. He wrote a letter to Playboy’s board of directors detailing his disdain for a merger with any other brand.
Too bad Mr. Hefner only owns 4 million of the companys’ 33.6 million shares of stock. It isn’t his decision anyway.
[Image via WENN.]
Jul 12, 2010 16:07pm PDT
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