Shares in Avon have jumped as a result of a report stating that the company is negotiating a buyout with private equity firm TPG Capital.

Published by Dealreporter, the report sent shares up 15 percent to US$8.66 in New York, the biggest one-day increase since February 2013.

Avon is seen as a candidate for a leveraged buyout because it has strong cash flow, Dealreporter stated, even though sales have slowed in recent years.

According to Dealreporter, it isn’t clear if the TPG talks have advanced or whether Avon has hired advisers to consider a deal.

Avon joins Elizabeth Arden in spurring takeover talk. Elizabeth Arden hired Goldman Sachs Group last year to contact private equity firms about a possible deal, according to Bloomberg. The company is said to have attracted interest from South Korea’s LG Household & Health Care.