The price of $6.15 a share is an 18 percent premium over Friday's closing price. This values the company at about $207 million.
The bid tops Hefner's offer of $5.50 per share in July.
Hefner is Playboy's largest shareholder with about 70 percent of the company's voting shares and 28 percent of the nonvoting stock.
Playboy magazine has struggled with competition from the Internet and has lost readers and advertisers.
The Associated Press contributed to this report.