Avon Products Inc. (AVP) said that it has not received any offer or other communication from PTG Capital Partners and has not been able to confirm that such an entity exists.
Earlier, PTG Capital Partners disclosed in a regulatory filing that it has submitted an offer to the board of directors of Avon Products proposing to acquire all of the Company's outstanding stock, and outstanding options to acquire such shares, in a recommended cash tender offer at a price per share of US$18.75.
PTG Partners said it is committed to working quickly to complete due diligence and execute a definitive agreement, and expects to be able to complete such an agreement within 10 days from the beginning of the due diligence period.
PTG Partners requested that the Company respond promptly, to the Proposed Offer.
Meanwhile, the U.S. Securities and Exchange Commission enforcement division is reviewing the legitimacy of a takeover offer of Avon Products Inc. that sent its shares soaring Thursday, Bloomberg reported citing a person with knowledge of the matter said. The SEC filing included errors, including naming a law firm that doesn't exist.
AVP closed Thursday's trading at $7.07 up $0.40 or 6.00%.
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