Avon Products Inc. said it has not received a buyout offer from PTG Capital Partners.
Exactly three years after Coty Inc. dropped its $10.65 billion bid for Avon, an entity calling itself PTG Capital Partners claimed in an a filing with the Securities and Exchange Commission that it offered to buy all the company’s outstanding stock at $18.75 a share, or a total of $8.2 billion.
Avon’s stock jumped 11.4 percent to $7.43 on the filing.
The direct seller said, “In response to an SEC filing made by an entity purporting to be named ‘PTG Capital Partners,’ Avon reports that it has not received any offer or other communication from such an entity and has not been able to confirm that such an entity exists.”
The name could be a play on the well-known private equity firm TPG Growth, an arm of TPG Capital, which acquired Avon Japan in 2010.
You May Also Like
When asked if PTG was an actual company and if the SEC would take action against false filings, an SEC spokesperson said, “We are declining comment.”