The price of $6.15 a share is an 18 percent premium over Friday's closing price and values the company at about $207 million. The bid tops Hefner's offer of $5.50 per share in July.
A group led by Penthouse magazine has also made an offer for Playboy Enterprises Inc. valued at $210 million
But Hefner is Playboy's largest shareholder with about 70 percent of the company's voting shares and 28 percent of the nonvoting stock.
The company's namesake magazine has struggled with competition from the Web, losing readers and advertisers.