This is strange.
On Thursday afternoon, Avon Products received a buyout offer from PTG Capital Partners for three times its current market price.
In a regulatory filing on Thursday, PTG Capital said it was offering $18.75 per Avon share; shares of Avon were trading at around $6.60 ahead of this announcement.
Following the news, shares of Avon were up as much as 19%, but have since bounced around and near 12:15 pm ET, the stock was up about 7%.
In its offer, PTG said it has "substantial experience in managing acquisitions and is committed to working quickly to complete due diligence and execute a definitive agreement."
Curiously, in the "About PTG Partners" section of its offer, the firm refers to itself as "TPG Partners," one of the largest private equity firms and which does not appear to be affiliated with PTG. The release also contains some spacing issues and a typo. You can read the whole thing here »
Following the news, a number of folks on Twitter quickly spotted that something odd was going on.
Here's some of the chatter on Twitter following the news:
Last Tuesday, Avon fell by more than 7% following a report in the New York Post that the company is struggling to sell its North American business. It posted a loss of $147 million in Q1.
The stock was halted twice after the filing. Here's a chart showing the strange action in shares:
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