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Archive for Thursday, April 8, 1999

REVLON ANNOUNCES PLANS FOR SELLOFFS

April 8, 1999

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New York (ap) -- After two weeks of rumors that sent Revlon shares soaring, billionaire Ronald O. Perelman put the cosmetic company's future up in the air Wednesday, announcing plans to sell one or more of its struggling businesses.

Revlon, which makes Revlon and Almay makeup, Flex shampoo and Charlie perfume, has seen its shares surge 70 percent in the past two weeks amid rumors the company was a takeover target.

Speculation of potential bidders has included Unilever NV, the maker of Calvin Klein and Elizabeth Arden cosmetics and fragrances, and Procter & Gamble Co., which owns the Max Factor and Cover Girl lines. The company would not elaborate on its plans.

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