Playboy forms takeover panel

Adult content provider and channel operator Playboy has formed a committee to evaluate the takeover proposal lodged by company founder Hugh Hefner. The committee, which will help formulate the company’s official response to Hefner’s offer, comprises LA-based lawyer Sol Rosenthal and Shing Tao, chairman and chief investment officer of private investment group Pacific Star Partners.

Last month Hefner put together a cash offer of US$5.50 (€3.45) a share for the company, valuing it at about US$185m. Penthouse owner FriendFinder subsequently lodged a higher bid, but that would require Hefner to sell his stock in Playboy.