NEW YORK (CBS.MW) -- Shares of cosmetics giant Revlon climbed 24 percent on Tuesday as speculation of a takeover by U.K.'s Unilever heated up.
Revlon (REV) rose 3 5/16 to 17 1/16 on the strength of the talk. Unilever, meanwhile, slipped 2 percent in London on Wednesday, Reuters reported.
Revlon spokesman Richard Woods declined to comment on the report on Wednesday.
Yet adding fuel to speculation about a deal is the perception that Revlon Chairman Ron Perelman is a "motivated seller," said one analyst who tracks the company and spoke on the condition of anonymity.
Perelman has substantial holdings in Revlon and Sunbeam (SOC) and both companies have been hit by losses.
Revlon reported a fourth quarter loss of $69.1 million after recording $42.9 million in restructuring charges in January. Through McAndrews & Forbes Holdings Inc., Perelman controls 83 percent of the cosmetics company, Revlon said.
Sunbeam in December posted a second-quarter loss of $344.1 million, or $3.41 a share, compared to net earnings of $8.7 million, or 10 cents in the year-earlier quarter.
Sunbeam's shares ended down 3/16 to 5 3/4 on Tuesday, well off their 52-week peak of 45 11/16 on March 25 last year.
Emily Church is an online reporter for CBS MarketWatch.
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