PLBY Group, the company that owns Playboy and related brands, announced that its board unanimously rejected an unsolicited $100 million-plus takeover offer from Cooper Hefner, son of Playboy founder Hugh Hefner.
Hefner Capital — an investment firm led by Cooper Hefner (pictured above), a former executive of Playboy Enterprises — proposed acquiring Playboy’s brand assets from PLBY Group for $100 million in cash and a 10% equity interest in the new entity, per media reports earlier this week.
“After careful review and consideration of Hefner’s unsolicited proposal, our board determined that the proposal substantially undervalues the Playboy assets and is not in the best interest of PLBY Group’s stockholders,” said Ben Kohn, CEO and a director of PLBY Group, in a statement. “While we certainly understand and are appreciative of the interest in Playboy’s unparalleled brand, the Board is confident that the company’s continuing pursuit of its Playboy-focused, asset-light model will better support long-term value for stockholders. The board will continue to evaluate all options and opportunities for Playboy.”
Reps for Hefner Capital did not respond to a request for comment.
In 2011, Playboy founder Hugh Hefner took Playboy Enterprises private after 40 years as a publicly traded company. (Hugh Hefner died in 2017.) PLBY Group went public in February 2021 via a merger with a special purpose acquisition company (SPAC) and is currently led by Kohn.
In 2023, PLBY sold its Lovers and Yandy retail businesses. Last month, the company said it is in the process of divesting lingerie brand Honey Birdette, which it had acquired for $333 million in 2021.
