To be held, privately

Hugh Hefner wants his bunny hutch back, or something:

Playboy Enterprises Inc. agreed to be taken private for $207 million by founder Hugh M. Hefner, who increased his bid to gain full control of the 58-year-old magazine publisher amid slumping circulation and losses.

Hefner, 84, is offering to buy the Class A stock and Class B shares he doesn’t already own for $6.15 per share, representing an 18 percent premium over the Class B closing price of $5.20 a share on Jan. 7, the company said in a statement [Monday].

Hef had previously offered $5.50 per share. A bid last summer from FriendFinder Networks, which owns rival Penthouse, apparently did not appeal to the Playboy board.

Playboy magazine these days is selling about a quarter as many copies as it did thirty years ago; the company apparently makes most of its money from its Web presence (largely behind a paywall) and licensing the Rabbit logo.

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