French cosmetics company L'Oreal may be preparing a cash bid for Avon Products, a British newspaper reported, sending Avon shares up more than 9 percent in premarket trading Tuesday.

The Daily Mail said L'Oreal was getting ready to make a cash offer of $44 a share for the U.S. cosmetics and perfume company. The report cited no sources.

Such an offer would represent a premium of 32.7 percent over Avon's Monday closing price of $33.16 and would value Avon at $18.8 billion.

Avon shares were last up more than 8 percent in premarket trading.

Representatives of Avon did not immediately respond to requests for comment on the newspaper report. L'Oreal declined to comment.

In July, Avon reported a higher second-quarter profit as beauty care sales increased. The company is scheduled to report third-quarter results on Oct. 28.