Cooper Hefner’s $100 million bid for Playboy obtained a complication Thursday, with proprietor PLBY Group saying that its board rejected the supply.

“After cautious overview and consideration of Hefner’s unsolicited proposal, our Board decided that the proposal considerably undervalues the Playboy belongings and isn’t in one of the best curiosity of PLBY Group’s stockholders,” stated PLBY Group CEO Ben Kohn. “Whereas we definitely perceive and are appreciative of the curiosity in Playboy’s unparalleled model, the Board is assured that the Firm’s persevering with pursuit of its Playboy-focused, asset-light mannequin will higher help long-term worth for stockholders. The Board will proceed to judge all choices and alternatives for Playboy.”

The corporate stated the board determination was unanimous.

On Monday, Hefner — the son of Playboy founder Hugh Hefner — approached the board with the $100 million all money supply, telling The Hollywood Reporter that the pursuit was a private one.

“The choice to accumulate Playboy’s belongings stems from a private connection and the distinctive potential to reinvigorate a model cared for all over the world,” Hefner stated. “This effort is about safeguarding a legacy constructed over many years, making certain that the creativity, values and cultural relevance that outlined Playboy aren’t misplaced.”

Whereas the preliminary supply was rejected, the assertion that the PLBY board will “consider all choices” for the model suggests {that a} deal might nonetheless be in play.