Here’s Why Shares of Revlon Are Soaring Today by Reuters @FortuneMagazine January 15, 2016, 11:34 AM EST E-mail Tweet Facebook Linkedin Share icons Billionaire Ron Perelman, the majority owner of Revlon rev , said he would seek strategic alternatives for the cosmetics maker. Perelman’s investment company, MacAndrews & Forbes, said in a filing it had not formulated any specific or definitive plan or proposal. Shares jumped more than 10% in morning trading on the New York Stock Exchange. MacAndrews & Forbes has a 77.6% stake in the cosmetic company, which has a market capitalization of $1.32 billion. New York-based Revlon, whose sales have stagnated in the last three quarters, announced a restructuring plan in September to cut costs. Revlon and rival Avon Products avp are facing intense competition from online and big-box retailers as well as niche cosmetics makers offering more exclusive brands. Avon said in December Cerberus Capital Management would take a 16.6% stake in the company and would buy 80.1% of its North American business. Revlon was not immediately available for comment. The company’s shares had fallen nearly 24% in the last 12 months.