Home > News > Playboy Creates Panel to Explore Hefner's Bid • Bookmark   • Newsletters   • Register Search Options


Playboy Creates Panel to Explore Hefner's Bid

Playboy Creates Panel to Explore Hefner's Bid
Get XBIZ News
Aug 3, 2010 5:00 PM PDT    Text size: 
CHICAGO — Playboy Enterprises Inc. has appointed a special committee that will weigh founder Hugh Hefner's $185 million bid for the adult property's shares.

The panel, consisting of an attorney and an investment banker exec, has been installed to evaluate and determine the company's response to the proposal, which already has stirred some shareholders to the point of litigation.

A recent suit that seeks class-action status, alleges that Hefner and investment banker Rizvi Traverse Management's bid for Playboy at $5.50 a share is too low and that the company would be breaching its shareholder fiduciary duties if the adult giant is sold for $185 million. Hefner's bid is $25 million less than FriendFinder's offer to buy Playboy for $210 million.

The special panel includes Sol Rosenthal, an attorney with the Los Angeles office of Arnold & Porter who also is an arbitrator specializing in entertainment and business matters. It also includes Shing Tao, chairman and chief investment oficer of Pacific Star Partners, a private investment group.

Rosenthal will serve as chairman of the special committee.

On Tuesday, Playboy shares traded at $5.37, down two cents, on the New York Stock Exchange.

More ways to get XBIZ News:  RSS Feeds  |  E-Newsletters  |  Desktop Widget  |  Mobile
Looking for porn star news and behind-the-scene videos? Check out XFANZ.com !


Cam World: Jim Austin Puts Stripchat / xHamsterLive on the Cutting Edge

Meet Jim Austin, head of business development for Stripchat and xHamsterLive. Austin helps run the two free online communities where amateur models — women, men, couples and transgender folk —... More »

Crave’s Jack Morocco Brings Fresh Perspective to Channel Manager Role

Jack Morocco must be in the right career. They’ve been hit on by Nina Hartley and already had to fend off Ron Jeremy, all in their short one-and-a-half years with San Francisco boutique outfit Crave.... More »

Cam World: Cam Star of Month BlazeFyre Loves to Be a Pleaser

Webcam model BlazeFyre certainly is looking forward to a fruitful 2017. She just moved into new digs this past month, and is eagerly anticipating another banner year as a Chaturbate web model. The naturally... More »
Stay informed of the latest industry developments. Get XBIZ newsletters delivered to your inbox. Subscribe today!
Enter email address:

* To manage existing subscriptions click here.

Submit your press release to
multiple news outlets with 1 click.
Subscribe to RSS news feeds or
add free content to your website.
Access XBIZ news and articles
with your mobile device.
Subscribe to XBIZ Premiere magazine, the industry's leading adult retail trade publications, delivering the most timely and comprehensive business news and information to producers and retailers of adult products.



Mar 31 - Apr 02
Denver, CO.

Eurowebtainment 2017

May 17 - May 20
Majorca, Spain

XBIZ Retreat

May 30 - Jun 03
Miami, Florida

XBIZ Miami 2017

May 30 - Jun 02
Miami, Florida
Everyday thousands of business professionals browse XBIZ's industry directory for quality products and services. Not listed yet? Your company could be losing potential new business. Submit your company today!
Use XBIZ RSS feeds to stay informed of the latest industry developments or as a content syndication tool for your website!