Hugh Hefner Buys Back Playboy: The Privatization of Private Parts
After last year's scare that Hugh Hefner would have to sell the Playboy Mansion to keep his company, it seems that everything is working out for good old Hef. He was originally outbid for his company by competitor Penthouse, but the board of Playboy has decided to accept his offer of $6.15 a share to take the company private again.
"The transaction is advisable, fair to and in the best interests of the company's public stockholders," said board member Sol Rosenthal in a statement released Monday. Rosenthal headed up a special committee reviewing the offer.
Announcement of the agreement sent Playboy's stock soaring this morning. It's up 17% as of noon today. Scott Flanders, the CEO of Playboy, will keep his job as the company becomes private.
2011 is set to be a banner year for Hugh Hefner. On Christmas, he announced his engagement to Crystal Harris, and with him back as the rightful ruler of Playboy at the ripe (like prunes) old age of 84, we're sure to see him all over the scene.