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Monday, January 10, 2011

Playboy agrees to be taken private by Hefner, (NYSE: PLA)

Playboy Enterprises Inc (PLA.N) has agreed to be taken private by founder Hugh Hefner, after he raised his bid by 12 percent, ending months of negotiations. Icon Acquisition Holdings L.P., a limited partnership controlled by Hugh Hefner, offered $6.15 per share for Playboy, valuing the company at about $180 million, according to Reuters data. Hefner, who founded the company synonymous with bunny ears and centerfolds, owns around 70 percent of Playboy's Class A common stock and 28 percent of its Class B stock.

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