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Are Avon Shares Moving From A 'Hoax' SEC Filing?

Are Avon Shares Moving From A 'Hoax' SEC Filing?
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Avon Products, Inc. (NYSE: AVP) shares have retreated off their highs near $8 per share after the company told CNBC it has not received an offer from PTG Capital. Avon, in fact, said it has no proof of the firm's existence.

Earlier on Thursday morning, shares of Avon rose significantly after an SEC filing revealed PTG offered to pay $18.75 per share for all of the company’s outstanding stock and options.

According to Dow Jones, Avon is treating the bid as a "hoax." The outlet is citing a source for the news. The SEC has since declined to comment on the offer.

Related Link: Avon Shares Burst Out After PTG Capital Takeover Offer

SEC Database

According to an official filing with the U.S. Securities and Exchange Commission, PTG said it has "substantial experience in managing acquisitions and is committed to working quickly to complete due diligence and execute a definitive agreement."

The statement added that the firm "believes that a combination of the Company and PTG Partners would result in substantial benefits to both our shareholders and to the Company's shareholders and employees."

Digging into the SEC filing reveals the following information:


Notably, PTG Capital's IRS number is listed as 000000000; the Avon filing is also the first in the firm's history.

Who Is PTG Capital?

PTG's attorney, Michael Trose of Trose & Cox PLLC in Fort Worth, Texas, is not on file at the Texas State Bar according to CNBC. Further, Atrium's Sue Vis told the outlet she'd "never heard of him."

In a separate statement, Avon said it has not received any offer, and cannot confirm the entity exists.

Of note, a web domain registered to Premier Trading Group -- -- shows a similarly named firm has contact information in Cairns, Australia.

Benzinga reached out to this entity and is waiting to hear back.

Posted-In: Avon hoax CNBC Dow Jones Michael Trose PTG CapitalNews Legal Movers Best of Benzinga


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