Luxembourg-based investment company JAB Holding Co. has offered to significantly increase its stake in New York-based beauty company Coty Inc. by acquiring up to $1.75 billion in shares.

JAB has unveiled a tender offer to acquire up to 150 million Coty shares for $11.65 a share in cash, a 21 percent premium to Monday’s closing price.

If all 150 million shares of common stock are bought in the offer, JAB will own, together with its current shareholdings, an aggregate of 450.9 million shares of common stock.

That will represent approximately 60 percent of the issued and outstanding shares of common stock.