NEW YORK (AP) – The owner of Penthouse magazine made a formal, competing bid for the Playboy empire yesterday despite founder Hugh Hefner's insistence that he does not intend to sell the company and instead wants to buy the shares he doesn't already own.

Penthouse corporate parent FriendFinder Networks Inc. said it will offer $210 million for Playboy Enterprises Inc. The bid comes just a few days after Hefner proposed to buy out those remaining shares and take the company private in a deal that would value the company at $185 million.

The catch: Hefner already owns nearly 70 percent of Playboy's voting shares.

"If he doesn't want to sell, there's no deal," RBC Capital Markets analyst David Bank said.