American City Business Journals
Revlon shares climb as buyout rumors follow bankruptcy filing
A report that an Indian multinational conglomerate is considering buying Revlon Inc. out of bankruptcy drove up stock prices significantly on Friday. Shares went up by as much as 62% after Indian English-language business and finance news channel ET Now tweeted that Reliance Industries Ltd., a company with diverse holdings in industries including energy, petrochemicals, natural gas, retail, telecommunications, mass media and textiles that’s controlled by billionaire Mukesh Ambani, was considering an offer. Revlon (NYSE: REV) filed for Chapter 11 bankruptcy Thursday June 16, citing liquidity constraints brought on by continued global challenges including supply chain disruption and rising inflation, as well as obligations to its lenders.