BOULDER, Colo. (AP) -- An affiliate of a company founded by Hustler magazine publisher Larry Flynt has initiated its previously announced tender offer for shares of Boulder-based New Frontier Media Inc.
The Daily Camera says company officials made the announcement Monday.
New Frontier says LFP Broadcasting LLC has agreed to pay $2.02 per share, plus up to 6 cents more per share if New Frontier maintains a cash balance above about $11.5 million. LFP is acquiring New Frontier for about $33 million cash.
The provider of adult entertainment for pay television companies had received unsolicited buyout offers over the past several months, including one from shareholder Longkloof Ltd. New Frontier recently fired CEO Michael Weiner, and its board pressured a member to resign over suspicions he and Weiner were allied with Longkloof, which the board member denied.