Private equity firm PTG Capital Partners has offered to acquire Avon Products Inc. (NYSE: AVP) for $18.75 a share in cash in a tender offer, subject to certain conditions. Avon has about 435 million shares outstanding, making the offer worth approximately $8.16 billion, not including debt.

Trading in Avon’s stock was halted shortly before noon on Thursday on volatile trading action. Shares spiked from around $6.60 to $8.00 before the halt.

UPDATE: An Avon spokesman just emailed a statement:

In response to an SEC filing made by an entity purporting to be named “PTG Capital Partners”, Avon reports that it has not received any offer or other communication from such an entity and has not been able to confirm that such an entity exists.

PTG is based in London and, according to the SEC filing:

… has substantial experience in managing acquisitions and is committed to working quickly to complete due diligence and execute a definitive agreement. PTG Partners expects to be able to complete such an agreement within 10 days from the beginning of the due diligence period. PTG Partners has requested that [Avon] respond promptly, to the Proposed Offer.

There are more questions about PTG than there are answers or information, but for now we will just report what we know.

PTG said its offer “does not create any binding obligation, and no such binding obligation will arise unless and until a mutually satisfactory definitive agreement has been executed and delivered by the parties.”

Avon’s board rejected an offer of more than $10 billion from Coty in 2012 and adopted a poison pill, which PTG would require Avon to redeem or remove before making the offer final. The offer is also dependent on satisfactory completion of due diligence and negotiation and execution of a definitive written agreement.

Given the high premium to the price of around $6.60 before word of the offer leaked out, there are some questions about whether the offer is real. If it is, Avon will not repeat the mistake it made three years ago. If it isn’t, Avon is no worse off than it was yesterday.

Trading in Avon stock resumed about a minute before noon, and shares had fallen back to around $7.20 a share.

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