Coty withdraws $10.7bn Avon bid

By Rupert Nicholson:Avon Products (AVP) is a beauty products producer and marketer. It reported revenue of $11.3 billion in 2011. It also recorded operating income of $855 million and a net income of $518 million. As of the end of 2011, it manages total assets of $7.735 billion.

By Anh Hoang:All direct selling businesses have enjoyed good growth over the years, first in the US, now in the emerging parts of the world.

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.   

Fragrance maker Coty raised its offer for larger rival Avon to $10.69 billion and said Warren Buffett's Berkshire Hathaway had joined the group that is investing in the deal.

Beauty and fragrance company Coty offered to acquire Avon in a cash deal that values the struggling door-to-door beauty products seller at roughly $10 billion.

(Reuters) - Avon Products Inc on Sunday said it told Coty Inc that it would consider the smaller company's $10.7 billion takeover bid and it expected to respond within

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.