Private company Richmont Holdings is putting together a deal to buy Avon Products (AVP), Bloomberg reportedjust before the close of trading on Thursday.
Avon shares spiked in the final minutes of trading, rising 5.5% after spending most of the day trading slightly in the red. Avon recently rejected a bid from Coty for $23.25 per share, or $10 billion. Richmont is reportedly in the process of arranging financing for its Avon bid.
Correction: Richmont does not own Mary Kay, as originally reported by Bloomberg. Richmont’s founder was once the CEO of Mary Kay.
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