Avon Products, Inc. Did Not Receive Buyout Offer From PTG Capital Partners

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Avon Products, Inc. Did Not Receive Buyout Offer From PTG Capital Partners

UPDATE: Avon reportedly tells CNBC it has not received an offer from “PTG”, no proof that PTG exists.

Previously: Avon has received a buyout offer from PTG Capital Partners for $18.75 a share. That price is close to three times the firm’s Wednesday closing price of $6.60 a share.

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In an SEC filing published on Thursday, PTG Capital announced it would pay $18.75 per Avon share; shares of Avon were trading at around $6.60 ahead of this announcement.

After the news came out, shares of Avon spiked up almost 20% to around $8. The stock has been halted pending news.

WSJ reported Avon exploring strategic alternatives in mid-April

The Wall Street Journal reported back on April 14th that the door-to-door sales beauty product company, with nearly $9 billion in annual sales, was exploring various options. The WSJ source noted that the firm was open to all strategic alternatives, including a sale of the company or its North American division.

Analysts point out that the historic firm has been trying without success for a number of years to improve weak financial results and stop the ongoing departure of top sales reps.

VaueWalk will continue to update this seemingly way-too-high buyout offer for Avon as further details become available.

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