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Revlon filed for bankruptcy earlier this week.
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Revlon
stock soared more than 75% in premarket trading Friday after a report said Indian conglomerate
Reliance Industries
(RIL.India) is considering buying the cosmetics maker out of bankruptcy.
The news was reported by Business channel ET Now, which cited unidentified sources.
“As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis,” a
Reliance
Industries spokesperson told Barron’s in an emailed statement.
“We have made and will continue to make necessary disclosures in compliance with our obligations under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with the stock exchanges,” the Reliance spokesperson added.
Revlon
did not immediately respond to a request for comment.
Revlon (ticker: REV) filed for Chapter 11 bankruptcy protection, weighed down by supply chain disruptions, rising inflation, and debt obligations.
Shares in Revlon, which have plunged more than 82% since January, surged 75.90% ahead of the market open to $3.44
Write to Lina Saigol at [email protected]
Source: https://www.barrons.com/articles/revlon-reliance-industries-potential-acquisition-stock-price-51655463854?siteid=yhoof2&yptr=yahoo