Avon slams door on $10 bn Coty offer

Mon, 04/02/2012 - 17:45 EDT - France24.com - Business

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Door-to-door beauty products seller Avon slammed the door on Coty's $10 billion takeover bid Monday aimed at obtaining much-needed distribution channels in emerging markets.Avon Products, which has 6.4 million independent representatives in over 100 countries and a solid presence in emerging markets, said the Coty bid was "significantly below" Avon's value and "opportunistic."Coty earlier Monday launched a cash offer of $23.25 per share for the struggling Avon, noting negotiations on a merger had failed and it was putting the matter to shareholders.

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Avon slams door on $10 bn Coty offer
Door-to-door beauty products seller Avon slammed the door on Coty's $10 billion takeover bid aimed at obtaining much-needed distribution channels in emerging markets.Avon Products, which has 6.4 million independent representatives in over 100 countries and a solid presence in emerging markets, said the Coty bid was "significantly below" Avon's value and "opportunistic."Coty earlier Monday launched a cash offer of $23.25 per share for the struggling Avon, noting negotiations on a merger had failed and it was putting the matter to shareholders.
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Avon slams door on $10 bn Coty offer

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