Hugh Hefner Moves To Take Playboy Private

Law360, New York (July 12, 2010, 4:36 PM EDT) -- Hugh Hefner, the founder and face of the Playboy empire, has offered to buy up all outstanding shares of the company and take it private, prompting rival Penthouse to consider a bid of its own and spurring plaintiffs lawyers to begin investigating possible shareholder class actions.

The board of directors of Playboy Enterprises Inc. said Monday that it had received a proposal from Hefner — who already owns 70 percent of Playboy Class A stock and 28 percent of Playboy Class B stock — to acquire...
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