Hugh Hefner Has Future Plans To Take Playboy Private

CNN News Wire | 12/31/2011, 5:31 a.m.
Shares of Playboy surged nearly 35% Monday morning, after Hugh Hefner proposed to buy the remaining shares of the company ...

Shares of Playboy surged nearly 35% Monday morning, after Hugh Hefner proposed to buy the remaining shares of the company that he didn't already own and take the company private.

Playboy Enterprises (PLA) said Hefner offered to buy the shares at $5.50 each, a 40% premium from the stock's $3.94 closing price on Friday. The offer values the company at about $185 million.