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from www.deadline.com – New Frontier shares are up 11.4% to $1.37 at mid-day after Luxembourg-based Manwin — which bought Playboy TV late last year — offered $1.50 a share, about $24.3M.

That tops the hostile $1.30 a share bid earlier this month from investment company Longkloof Limited.

Manwin Managing Partner Fabian Thylmann [pictured] says his company’s experience with Playboy TV “proves to us the value of TV as a distribution platform” as it seeks to expand its pay TV porn business.

“New Frontier Media’s business is a natural fit which should create synergies immediately benefiting both Manwin’s pay TV providers and their customers.”

Although New Frontier is not well known, it’s important to pay TV providers: They make a bundle from porn channels and services.

New Frontier produces VOD features, it also offers the Penthouse TV premium channel and pay-per-view services packaged as The Erotic Networks (or TEN) that include Xtsy, Juicy, and VaVoom.

But the company, whose stock traded for more than $9.00 five years ago, has fallen into the doldrums. Longkloof blamed the board for being “more focused on maintaining its excessive director fees and engaging in related party transactions, rather than running the Company in the best interest of the stockholders.”

By contrast, Manwin says that it is “highly impressed with New Frontier Media, its board of directors, management team and operations but believes it has been undervalued in the public markets because of its size and market capitalization.”