210 Million $ bid for Playboy

News Article: FriendFinder in $210m Playboy bid.

Florida-based FriendFinder Networks, owner of the Penthouse brand, has made a US$210m bid to take over rival adult entertainment giant Playboy Enterprises, and wants to keep Hugh Hefner at the helm. The move follows Hefner's announcement earlier this week he is to partner with Rizvi Traverse Management to take Playboy private, at US$5.50 a share.

Hefner's bid values the company at US$185m, while FriendFinder has proposed to give Playboy shareholders US$6.25 a share. Marc Bell, CEO of FriendFinder, said his bid trumps Hefner's by at least 10% and proposed a meeting for July 21, 2010 to discuss the opportunity with Playboy management, including Hefner. The 84-year-old already owns 70% of Playboy's Class A common stock and 28% of its Class B stock.(7/16)

I thought AFF was actually broke?

I seem to recall seeing their financials posted somewhere and they were actually tanking and pretty much worthless, or am i thinking of someone else?

Regards,

Lee

It was a "PR" bid in my opinion.....

They don't have the resources to actually buy it, but it was a way to try and make Hefner pay more for the 20% of the outstanding stock he doesn't already own.

Frind Finder ? I think this brand is dead now :(