Revlon stock dropped nearly 17% today as rumors continued the cosmetics marketer couldn't find a buyer. By 3:15 p.m. (ET), Revlon stock was trading at $21.81, down $4.44, or 16.9%, after reports that Coty had ended talks. In a statement, Revlon refused to comment on the movements of its stock, saying it's "actively engaged in ongoing discussions with potential purchasers." New York-based Revlon said in April it had signed Goldman Sachs & Co. and Lazard Freres & Co. to review alternatives to reduce its debt, estimated at $1.7 billion by analysts.
Copyright July 1999, Crain Communications Inc.