Playboy Owner Rejects Cooper Hefner’s $100M Takeover Bid

Cooper Hefner’s $100 million bid for Playboy received a complication Thursday, with owner PLBY Group saying that its board rejected the offer.

“After careful review and consideration of Hefner’s unsolicited proposal, our Board determined that the proposal substantially undervalues the Playboy assets and is not in the best interest of PLBY Group’s stockholders,” said PLBY Group CEO Ben Kohn. “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.”

The company said the board decision was unanimous.

On Monday, Hefner — the son of Playboy founder Hugh Hefner — approached the board with the $100 million all cash offer, telling The Hollywood Reporter that the pursuit was a personal one.

“The decision to acquire Playboy’s assets stems from a personal connection and the unique potential to reinvigorate a brand cared for around the world,” Hefner said. “This effort is about safeguarding a legacy built over decades, ensuring that the creativity, values and cultural relevance that defined Playboy are not lost.”

While the initial offer was rejected, the statement that the PLBY board will “evaluate all options” for the brand suggests that a deal could still be in play.