Hefner, a renowned figure in pornography made an offer last night to buy back the adult entertainment empire, the Playboy Bunny, which he founded. He is competing with the publisher FriendFinder Networks for the same proposal, which owns famous magazine Penthouse.

To bid for Chicago-based Playboy Enterprises, Hefner has joined his hands with a private equity firm, Rizvi Traverse, to bid $5.50 per share. His offer values the organization at $185m, despite its loss of $51m last year.

The Playboy group was founded by Hefner in 1953. Hefner still have a large degree of control in the company in which he owns 70% of the company's A shares and 28% of its B stock. His daughter, Christie Hefner, was Chief Executive of Playboy, until recently, but as the business struggled in January, she resigned.

Playboy, in a statement, expressed that a special committee of independent directors would be formed to evaluate Hefner's proposal. Henfer, in a letter maintained that he would not sell the playboy brand and PEI's legacy to a third party out of concern.

In February, the shareholders of Playboy prosecute Hefner as they claimed that he was not letting realize the company's worth by obstructing the acquisition and was just considered about his lifestyle. In order to survive in the market and to compensate with its falling popularity, Playboy initiated its job cuts and halved its 570 workforce.

An analyst at RBC Capital stated that Playboy is an underleveraged brand that could go on anything from energy drinks to casinos. While, it's rival FriendFinder, who owns a host of websites is doing great.