HOW TO PLAY IT

According to Ron Perelman

Riches from

hawking greasepaint and other vanities will always attract celebrities and entrepreneurs like Diishan Imira

of Mayvenn. However, on public markets, the makeup biz has been a hot mess.

Revlon’s N.Y.S.E.listed shares change hands for $16 apiece, 50% lower than five years ago. Billionaire owner Ron Perelman recently added to his 85%-plus stake by accumulating $11 million in stock at prices above $21. He’s also hired bankers to entertain a sale. The Long

Island value investor Christopher Mittleman, who is Revlon’s largest outside shareholder, says

a fair price is $40 a share and adds that Revlon would be a trophy for a buyer like South Korea’s LG Household or Germany’s

Henkel.