Hefner To Regain Private Control Of Playboy

Law360, New York (January 10, 2011, 2:58 PM EST) -- Playboy Enterprises Inc. founder Hugh Hefner sealed a deal Monday to take private the adult publishing company he founded by buying all the stock he does not already own for $6.15 per share, while suits against the move continue.

The Playboy board of directors said it approved the deal proposed by Hefner's Icon Acquisition Holdings LP — which raised the price from the original offer of $5.50 per share — and would recommend it to shareholders.

“With the completion of this transaction, Playboy will come full...
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