PLBY Group, Inc.'s Board of Directors unanimously rejected an unsolicited, non-binding offer from Cooper Hefner and Hefner Capital, LLC to acquire the company's Playboy assets on October 24, 2024. The Board determined that the proposal substantially undervalued the Playboy assets.
Ben Kohn, Chief Executive Officer and a Director of PLBY Group, stated that the Board is confident the company's continued pursuit of its Playboy-focused, asset-light model will better support long-term value for stockholders. This decision reinforces the company's commitment to its existing strategic transformation.
The rejection indicates the Board's belief that the current strategy offers greater potential for shareholder value compared to the proposed sale. The company will continue to evaluate all options and opportunities for Playboy.
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