Avon shares volatile following questionable takeover offer
NEW YORK (AP) — Shares of Avon were halted three times in volatile trading after a regulatory filing announcing an $8 billion takeover bid for company came under scrutiny.
In a filing Thursday with the Securities and Exchange Commission, a London concern calling itself PTG Capital Partners said that it had submitted a bid of $18.75 per share to the board at Avon.
In the filing with the SEC there were numerous typos, including a misspelling of the PTG's own name.
Shares of Avon Products Inc. opened 6 percent higher around noon after the final trading halt was lifted, but at $7.14, far below the per-share offer.
Calls to PTG and to Avon were not immediately returned. The SEC would not comment.