(ET) Shares of Revlon Inc. rose more than 70% on Friday after reports emerged that Reliance Industries Ltd was considering making a bid.
The reported offer by Reliance, which is controlled by Indian billionaire Mukesh Ambani, comes after Revlon filed for Chapter 11 bankruptcy.
Revlon has seen years of declining sales amid financial controversies, which, on Thursday, the company said were impeding its restructuring process.
Revlon has also suffered from global supply chain bottlenecks, which have led to higher material costs while vendors are demanding upfront payments.
The reported offer comes when Reliance has been pushing into the personal care and fashion space in recent months.
RV: NYSE is up +70.35%, RELIANCE is up +1.76%.
