Avon Products Inc (NYSE:AVP) stock advanced in Monday’s early deals as a group of activist shareholders pushed for a review of the cosmetic seller’s strategic options.
The activists, led by Shah Capital, want a possible sale to be considered as part of the process.
Activists jointly hold around 3.5% stake
Barington Capital Group and NuOrion Partners are also part of the group which are said to be “extremely disappointed” with Avon’s weak share price performance and are critical of management.
Together, the activists reportedly hold around 3.5% of Avon.
In pre-market deals, Avon shot up by around 17% to trade at US$2.84.