Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: For lack of appropriate puns, I'll simply say that shares of Playboy (NYSE: PLA) traded higher by 17% in intraday trading.

So what: Today's gains came as founder Hugh Hefner raised his bid to take the company private, and Playboy's board approved the deal. The offer will put $6.15 per share in the hands of current shareholders and values the company at $207 million.

Now what: A bidding war for Playboy was kicked off over the summer when FriendFinder Networks -- owner of rival Penthouse magazine -- bid $210 million for the company. While Hefner's offer was lower than FriendFinder's, it seems relatively unlikely that FriendFinder will challenge the deal given questions over the veracity of the original offer and the fact that Hefner already owns a very significant chunk of the company.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.