PLBY Group (PLBY) said Thursday that its board unanimously rejected an unsolicited offer from Cooper Hefner and Hefner Capital to acquire Playboy assets.
The proposal "substantially undervalues" Playboy assets and is not in the best interest of stockholders, Chief Executive Ben Kohn said.
"The Board will continue to evaluate all options and opportunities for Playboy," Kohn said.
Shares of the company were down more than 5% in recent Thursday trading.
Price: 0.78, Change: -0.05, Percent Change: -6.40
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