Avon shares just went berserk after PTG Capital claims it made $8.2bn offer
PTG Capital Partners, a private equity firm, claims it made an $8.2bn (£5.2bn) offer for cosmetics company Avon.
Famous for its "Avon lady" representatives, PTG said the offer was worth $18.75 per share – more than three times the value of the company on yesterday's closing price of $6.67 per share.
Shares in the US firm rocketed by as much as 19 per cent in midday trading and were up seven per cent to $7.17 at pixel time.
"PTG Partners believes that a combination of the company and PTG Partners would result in substantial benefits to both our shareholders and to the company's shareholders and employees," according to an SEC filing made by PTG.
PTG, apparently based in London according to the filing, could not be reached for comment.
Doubts have been raised about the validity of the offer from the unknown firm.
Avon, which has reportedly been mulling a sale of its North American business, could not be reached for comment.