Revlon Inc., the makeup company controlled by billionaire Ron Perelman, will buy Elizabeth Arden Inc. for $14 a share, adding celebrity fragrances and other products to its cosmetics lineup.The transaction values Elizabeth Arden at about $870 million, New York-based Revlon said in a statement on Thursday. The cash transaction represents a 50 percent premium over Elizabeth Arden’s closing price of $9.31.The deal marks a turnabout for investors, who had been speculating earlier this year that Revlon might be an acquisition target -- rather than a buyer. Perelman’s investment firm, MacAndrews & Forbes, announced in January that it would explore strategic alternatives for Revlon. That sent the shares surging as shareholders wagered that a buyout of the company was in the offing.

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