7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Playboy Agrees to Hefner Buyout Offer
CHICAGO (AP) -- The publisher of Playboy magazine has agreed to a sweetened offer by founder Hugh Hefner to take the company private.

The price of $6.15 a share is an 18 percent premium over Friday's closing price and values the company at about $207 million. The bid tops Hefner's offer of $5.50 per share in July.

A group led by Penthouse magazine has also made an offer for Playboy Enterprises Inc. valued at $210 million

But Hefner is Playboy's largest shareholder with about 70 percent of the company's voting shares and 28 percent of the nonvoting stock.

The company's namesake magazine has struggled with competition from the Web, losing readers and advertisers.

(Copyright 2011 by The Associated Press. All Rights Reserved.)
01 10 11 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.