The main shareholders of Revlon, MacAndrews and Forbes, said Friday that the cosmetics manufacturer would explore trading options.
MacAndrews and Forbes, the holding company in which billionaire Ronald Perelman owns approximately 87% of Revlon’s capital, revealed in a SEC file that an external financial advisor had been hired to help them in their efforts.
Revlon had operated Goldman Sachs Group Inc. (GS.N), citing sources. Following the report, the shares of the New York-based company rose 17% and closed 5.5%.
In 2016, Perelman also urged the troubled cosmetics company to explore strategic alternatives to combat changing consumer preferences and the fierce competition of rivals Estee Lauder and L’Oreal.
At the close of Thursday, Revlon had a market capitalization of $ 814.6 million and the stock had lost about 39% of its value this year.
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