PLBY Group rejects offer from Cooper Hefner, Hefner Capital for Playboy asset

PLBY Group (PLBY) announced that the Company’s Board of Directors has unanimously rejected an unsolicited, non-binding offer from Cooper Hefner and Hefner Capital to acquire the Company’s Playboy assets on the terms publicly disclosed to the press by Hefner on October 21, 2024. “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 Ben Kohn, CEO. “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.”