Revlon Inc. Skyrockets 61% After Report Reliance Industries Is Considering an Offer

Revlon Inc. shares surged  60.51% in pre-market trading after Reliance Industries Ltd. is considering acquiring the cosmetics giant.

Source: Bloomberg

RELIANCE up +1.76%, REV up +60.51%, Pre-market trading

Reliance Industries, owned by Indian billionaire Mukesh Ambani, is considering an offer nearly days after Revlon filed for Chapter 11 bankruptcy.

Revlon, owned by billionaire Ron Perelman’s McAndrews & Forbes, struggled during the pandemic after years of falling sales and suffered financial controversies that could hurt its restructuring process.

Revlon was founded 90 years ago and started by selling nail polishes in the depths of the Great Depression and later added coordinated lipsticks to its product collection.