Coty bids $10 billion for Avon

(Reuters) - Beauty company Coty Inc said on Monday it had offered to buy cosmetics direct seller Avon Products Inc for $10 billion.

(Reuters) - Coty Inc said on Monday it is withdrawing its $10.7 billion takeover bid for Avon Products Inc, saying the world's largest cosmetics direct seller had missed its deadl

Beauty company Coty said on Monday it had offered to buy cosmetics direct seller Avon Products for $10 billion.

One of world’s largest producer of beauty and fragrances, Coty plans to renew its IPO, which is expected to be the largest offering by a US consumer retailer since 2011 and the IPO of Michael Kors.   

(Reuters) - Shares of Avon Products Inc fell 14 percent in premarket trading on Tuesday, after Coty Inc withdrew its $10.7 billion takeover bid for the world's largest cosmetics direct seller, saying Avon had missed its deadline to begin discussions. Fragrance company Coty last week raised its unsolicited bid, which had the financial backing of Warren Buffett's Berkshire Hathaway and others, to $24.75 per share from an earlier $23.25 per share offer, and gave Avon a Monday deadline to respond. Avon's stock fell to $17. ...

(Reuters) - Beauty product company Coty Inc, whose $10 billion bid for larger rival Avon Products Inc was rejected earlier this month, said it might raise its offer for the direct seller if it were invited to complete due diligence. Coty said it remained interested discussing its proposal with Avon, which appointed a new CEO last week. "At this stage, without being invited to complete due diligence, we have no way of knowing the best price we can ultimately pay to Avon shareholders," the company said in a statement. (Reporting by Juhi Arora in Bangalore; Editing by Viraj Nair)