The Globe and Mail reports in its Friday edition a purported British investment firm that came knocking on Avon
Products' door with a takeover bid appears to
be part of an elaborate hoax. A New York Times item inside The Globe says a firm calling itself PTG Capital
Partners disclosed in a regulatory
filing before noon Thursday it had offered to buy Avon for
$18.75 (U.S.) a share. The report stunned
the market and briefly sent Avon's shares soaring.
Avon's stock had opened at $6.71 (U.S.). PTG Capital does not have
an office at the building it claims
to be located in London and is not
registered with financial authorities
in Britain. Also, Avon, a cosmetics company,
denied even being in talks with "such an entity." PTG
appears to be a twist on the name
of TPG Capital, the private equity
giant that was rumoured in January
to be interested in buying Avon. Sue Vis, a manager for the executive
suite office firm in Fort Worth, Tex., where PTG Capital
said its lawyer's firm was located,
said the filing was "bogus." Ms. Vis said she plans to call the Securities and Exchange Commission to notify it that the
name of the law firm on the regulatory
filing did not exist.
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