Revlon, Inc. REV shares are trading higher on Wednesday, after a report emerged that Carl Icahn could keep the cosmetics giant out of bankruptcy.
What Happened: The terms of the deal couldn’t immediately be learned, reports the New York Post, which cited unnamed sources in the story.
Revlon is facing a Nov. 16 deadline to restructure $343 million in bonds and had been offering investors either 32.5 cents on the dollar in cash or a mixture of cash and bonds worth about 50 cents on the dollar, reports The Post, citing sources close to the talks.
Why It Matters: The global cosmetics market is expected to garner $429.8 billion by 2022, registering a CAGR of 4.3% during the forecast period 2016-2022.
Revlon is a multinational cosmetics, skin care and personal care company headquartered in New York City. The company has market cap of $872.91 million, according to Allied Market Research.
REV Price Action: Revlon shares spiked higher, trading up 27.87% at $11.24 at the time of publication Wednesday. The stock has a 52-week high of $25.24 and a 52-week low of $3.96.
Related Links: Report: Revlon Could Put Itself Up For Sale
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