Hefner’s $5M Deal With Playboy Investors Wins Court OK

Law360, New York (March 20, 2013, 5:38 PM EDT) -- Playboy Enterprises Inc. founder Hugh M. Hefner and a private equity firm won a Delaware Chancery Court judge's approval Tuesday to pay $5.25 million to settle class action claims that Playboy's minority shareholders were shortchanged when the pop culture icon took the company private.

Hefner and Rizvi Traverse Management LLC paid $6.15 per share in a $206 million deal to take the iconic entertainment and media company private in March 2011. But a group of investors that had initially sued to block the deal in 2010 persisted...
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