By Adriano Marchese
PLBY Group has rejected a $100 million, unsolicited offer from Cooper Hefner, the youngest son of the late Playboy founder Hugh Hefner.
The Wall Street Journal this week reported that Hefner had submitted an offer along with a group of investors to buy the Playboy brand from PLBY for $100 million.
On Thursday, the company's board said the proposal substantially undervalues the Playboy assets and selling them wouldn't be in the best interest of its shareholders.
The Los Angeles company, which includes a social media app and a lingerie manufacturer, had a market value of just over $50 million before the offer was made.
The board said it was confident that continuing the pursuit of its Playboy-focused, asset-light model would better support long-term value, but that it would continue to evaluate all options and opportunities.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
October 24, 2024 08:53 ET (12:53 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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