Photo: By ║Dd║ on flickr
Beaten-down Playboy is going private.With a market cap of just $175 million, the company will go private at a price of $6.15/share, above the $5.20 Friday closing price.
Icon Acquisition Holdings is the acquirer.
Said its chairman Hugh Hefner: “With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company. The brand resonates today as clearly as at any time in its 57-year history. I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world.”