Hugh Hefner To Take Playboy Private With $207 Million Deal
Posted on Mon Jan 10, 2011 08:38 AM PDT

hef061909_02_200.jpgNEW YORK, New York (X17online) - Playboy Enterprises has agreed to be acquired and taken private by a company controlled by it's founder Hugh Hefner.

The entity, Icon Acquisition Holdings, will pay $6.15 per share for the adult entertainment company, a 18.3% premium over Friday’s closing price and a 56.1% premium over the closing price on July 9, the last trading day before Hefner’s original proposal was announced. The deal values Playboy at around $207 million.

Hefner revealed: "With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company. The brand resonates today as clearly as at any time in its 57-year history. I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world."

Icon will launch a tender offer for Playboy shares before Jan. 21.