Playboy Enterprises Inc. (PLA) said today that the company has received a proposal from founder Hugh Hefner to purchase all outstanding Class A and Class B shares that he doesn’t already own for a cash price of $5.50/share. Hefner already owns 69.5% of the Class A shares and 27.7% of the Class B shares.

Like so many other media companies, Playboy has struggled with ad revenues for the past few years, and the company has lately been following a brand management strategy in order to pump up its revenues and profits. The company’s famous bunny logo has been pasted on a variety of products, many of which have only the barest connection to the company Hefner founded more than 50 years ago.

Hefner reportedly is concerned about the brand, the editorial direction of the magazine, and, perhaps most of all, his legacy. He does not want to sell or merge the company with another or seek any other deal except the one he proposed in his letter to the company’s board.

In its press release, Playboy’s board noted that there is no certainty that an offer will be forthcoming, but that it will form a committee of independent directors to review an offer, if one is formally made.

Hefner’s proposal is almost certainly a bid to cement his legacy. Playboy will not receive a better offer, and even if it did, Hefner could block the sale. If Hefner wants to salve his ego by regaining full ownership of his company, the board would be nuts to refuse.