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Playboy Retains Advisers

9/07/2010 1:45 PM Eastern

Playboy Enterprises said Tuesday that the special committee of its board of directors has retained financial and legal advisers to review the buyout offer from founder Hugh Hefner.
The special committee said it has retained Raine Securities LLC as its financial adviser and Kaye Scholer LLP as legal adviser. Raine Securities is a unit of The Raine Group, a New York-based merchant bank formed in 2009 by two media banking heavyweights - former UBS media banker Jeffrey Sine and former Goldman Sachs media lending chief Joseph Ravitch.
In July Hefner offered to buy the remaining shares in Playboy Enterprises he didn't already own for $5.50 per share. In the wake of that announcement, rival FriendFinder Networks, publisher of Penthouse magazine, countered with a $6.25 per share offer for all of Playboy's outstanding shares. Playboy is considering both offers although Hefner has indicated that he has no intention of selling his stake in the company. Hefner currently owns about 69.5% of Playboy's Class A common stock and about 28% of its Class B shares.

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