Playboy rejects $100M bid from Hugh Hefners youngest son: Not in the best interest

The group that owns the fading Playboy brand on Thursday rejected a $100 million buyout offer from Cooper Hefner, the son of the magazine’s late founder.“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,” CEO Ben Kohn said 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,” Kohn said.The board decision was unanimous, the company said.Playboy Group plunged as much as 11% on news of the rejection but recouped some of the losses to close down 3%, at 81 cents a share.Kohn said the board “will continue to evaluate all options and opportunities for Playboy,” leaving the door open for a revised deal.Hefner, 33, revealed on Monday that he and his investment firm, Hefner Capital, had made a bid to regain the company made famous more than seven decades ago by Hugh Hefner.“The decision to acquire Playboy’s assets stems from a personal connection and the unique potential to reinvigorate a brand cared for around the world,” Hefner told The Hollywood Reporter.“This effort is about safeguarding a legacy built over decades, ensuring that the creativity, values and cultural relevance that defined Playboy are not lost.”Hefner, whose investor group includes a hedge fund and one of Playboy’s former licensing partners, told The Journal that he would assume the role of CEO.“It’s a great American company and a great American brand, outside of my personal connection to it,” Hefner told The Wall Street Journal.

But it “has been managed to a state of potentially nonexistence.”Playboy went public in 2021 by combining with a special acquisition company and its sto...