This story has been updated to include a statement from Avon.
NEW YORK (TheStreet) -- Shares of Avon Products (AVP) are higher by 5.47% to $7.03 in afternoon trading on Thursday, after the manufacturer and door-to-door seller of cosmetics and beauty related products clarified what can be described as an unusual situation in which PTG Capital Partners, a firm that may not be real, offered to acquire the company for $18.75 per share.
PTG Capital Partners announced the offer in a filing with the SEC.
As it turns out, Avon has received no such offer and the alleged firm may not exist.
Avon had no comment when contacted by TheStreet, however the company did release a statement on its website:
"In response to an SEC filing made by an entity purporting to be named "PTG Capital Partners," Avon reports that it has not received any offer or other communication from such an entity and has not been able to confirm that such an entity exists."
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Separately, TheStreet Ratings team rates AVON PRODUCTS as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVON PRODUCTS (AVP) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself."