Playboy Enterprises (NYSE: PLA) says its board of directors has formed a special committee to consider founder Hugh Hefner’s proposal to buy out the company.
The committee will consist of attorney Sol Rosenthal and investor Shing Tao. Rosenthal will serve as chairman of the special committee.
Rosenthal is a Counsel in the office of Arnold & Porter, an international law firm, and a prominent arbitrator and mediator in entertainment and business matters.
Tao is Chairman and Chief Investment Officer of Pacific Star Partners, a private investment group.
On July 9, Hefner offered to buy all the company’s outstanding shares of Class A and Class B stock for $5.50 a share.
Hefner’s offer of $5.50 per share would make the buyout offer worth $185 million.
The company says no decisions have been made about the offer, and there’s no guarantee any agreement will be reached.
Playboy’s stock closed at $5.39 on Wednesday, up $0.02 from the previous day’s trading.
On Thursday, analysts expect Playboy Enterprises to report a 2010 3rd quarter loss of $0.15 on sales of $58 million. In the 3rd quarter of 2009, the company reported a loss of $0.08 on sales of $62 million.
Analysts expect Playboy to post a loss of $0.19 a share for fiscal 2010.
