By and  on September 14, 2009

Ronald Perelman is giving his equity exchange offer for Revlon Inc.’s Class A stock another week to cross the finish line.

As of the initial deadline last Thursday, 8.4 million shares had been tendered, short of the 10.1 million shares needed to consummate the deal that would increase Perelman’s already commanding stake in the company.

Investors now have until 5:00 p.m. Thursday to exchange their shares for new preferred stock that would produce $7.10 in cash payments over its four-year lifespan. Should the company change hands within two years, preferred shareholders could receive up to $12 a share.

Perelman is chairman of Revlon and owns 58 percent of its Class A stock and all of its Class B stock through his MacAndrews & Forbes holding company.

Shares of the firm closed up 1 cent, or 0.2 percent, to $4.80 Friday and were down 3 percent for the week.

The tender offer was proposed in April but launched in August after being amended and made voluntary following the filing of a number of shareholder lawsuits which were subsequently dropped. Among the terms was that a majority of the Class A shares not currently held by MacAndrews & Forbes be tendered and not withdrawn.

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