Perelman Roils Revlon Stock and Debt With Share-Buying Spree
- Billionaire boosted his stake 33 times in five months
- Purchases spur speculation about a ‘creeping tender offer’
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Normally investors might cheer if they heard about heavy insider purchases by a billionaire like Ron Perelman. At Revlon Inc., it has some of them worried.
Perelman, the chairman and biggest shareholder of the struggling beauty company, has bought shares 33 times in the open market since May, sending the stock surging and sparking speculation that he may take Revlon private.