Shares of Avon Products Inc have gone up as much as 20% after an apparently non-existent firm incorporated in a remote archipelago in the Indian Ocean has offered to buy the cosmetics company for around three times its market value.
In an official statement, Avon said that it had not received any such offer.
On Thursday, the purported acquirer said in a US Securities and Exchange Commission filing that it would pay $18.75 per share for Avon. The purported acquirer identified itself as PTG Capital Partners.
Shares of Avon peaked at $8 and have ended up 6% at $7.07 even after a number of traders have doubted the veracity of the offer. After news of the filing broke, about 69.5 million shares changed hands on the stock's busiest day since March 20.
The leading global beauty company that works on a multi level marketing model is all set for its line up of products to be launched in the month of August. These to be launched new products include Glazewear Dimensions Lipstick and Jet Femme perfume.
The company that recorded humongous annual revenue to the tune of $10 billion last year sells its products to women in around 100 countries through a wide network of six million sales representatives working for the company. This also makes the company as the world's largest seller of beauty products.
Avon Beauty Products India has made announcement about the appointment of Mr. Hemant Singh as its new Managing Director.
Mr. Hemant succeeded Mr. Sebastian Bako, who spent two and a half years with a unit of 10.4-billion dollar US-based Avon Products Inc.
With proficiency of more than 27 years, Mr. Hemant will look after growth and the expansion of the company's market share in India.
He joined Avon Asia Pacific in 2009 as Executive Director Business Development.