Hefner Takes Playboy Private

Law360, New York (March 4, 2011, 6:21 PM EST) -- Hugh Hefner completed his plan to take Playboy Enterprises Inc. private Friday, winning the support of a majority of shareholders for his $6.15 per share tender offer.

Nearly 85 percent of non-Hefner controlled stock — 18.9 million shares — had been tendered by Thursday evening, the offer's deadline, according to Icon Acquisition Holdings LP, a partnership led by Hefner.

Icon will have to pay about $138 million to the buy out the minority shareholders, including those who did not accept the tender offer, according to figures...
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