(RTTNews) - PLBY Group, Inc. (PLBY), owner of Playboy, announced its Board has unanimously rejected an unsolicited, non-binding offer from Cooper Hefner and Hefner Capital, LLC to acquire the company's Playboy assets on the terms disclosed by Hefner on October 21, 2024. The Board determined that the proposal substantially undervalues the Playboy assets and is not in the best interest of PLBY Group's stockholders.
Ben Kohn, CEO and a Director of PLBY Group, said: "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."
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