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Playboy Enterprises, Inc. Announces Closing Of Acquisition By Icon Acquisition Holdings, L.P.

Stocks in this article: PLA

LOS ANGELES, March 4, 2011 /PRNewswire/ -- Playboy Enterprises, Inc., a Delaware corporation ("Playboy"), today announced the closing of its acquisition by Icon Acquisition Holdings, L.P. ("Purchaser").

Following the previously-announced expiration of the offer to purchase all outstanding shares of Playboy's Class A common stock and Class B common stock, Purchaser's wholly owned subsidiary Icon Merger Sub, Inc. ("Sub") accepted for payment and purchased for $6.15 per share, net to the seller in cash, less any applicable withholding taxes, all shares validly tendered in the offer (excluding shares tendered under guaranteed delivery procedures) and effected a short-form merger with and into Playboy. The merger was effective at 10:29 a.m. Eastern Time on March 4, 2011. Playboy's Class A common stock was suspended from trading on the New York Stock Exchange prior to the market opening on March 4, 2011, and Playboy's Class B common stock was suspended from trading on the New York Stock Exchange after the close of business on March 4, 2011. As a result of the merger, all remaining outstanding shares of Playboy's common stock (Class A and Class B) have been cancelled and, subject to appraisal rights under Delaware law, have been converted into the right to receive $6.15 per share in cash, the same consideration paid in the offer.  Shares validly tendered in satisfaction of guaranteed delivery procedures will also be accepted for payment and promptly paid the same consideration paid in the offer.

As previously announced, affiliates of Rizvi Traverse Management LLC ( Rizvi Traverse) and Jefferies & Company, Inc. provided equity and debt financing, respectively, for the transaction. Hugh M. Hefner will remain Editor-in-Chief and Chief Creative Officer of Playboy, with Scott Flanders continuing in his role as CEO. Both Mr. Hefner and Mr. Flanders maintain equity stakes in Playboy through their ownership interest in Purchaser.

Mr. Hefner said, "Today marks the beginning of an exciting era for this company and our iconic brand. I believe this new ownership structure will allow us to further capitalize on the unique and global appeal of the Playboy brand, and I look forward to our future success."

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