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    Coty withdraws $10.7bn Avon bid

    Tue, 05/15/2012 - 02:02 EDT - BBCNews

    Fragrance firm Coty withdraws its $10.7bn bid for Avon Products, saying the US beauty firm has taken too long to respond to its offer.

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    • Procter & Gamble Co to sell beauty business to Coty in US$12.5-billion deal

      Coty Inc has sealed a deal to buy Procter & Gamble Co’s beauty business, which includes brands such as Clairol and Wella, in a US$12.5-billion transaction that will make Coty the world leader in perfume and hair care. Coty’s shares fell 6 per cent in early trading after the widely expected deal, while P&G was up 0.6 per cent. In a tax-efficient deal designed as a “Reverse Morris Trust” transaction, P&G will separate 43 of its cosmetics, fragrance and haircare brands and fold them into Coty.

    • Avon slams door on Coty's $10 billion offer

    • Avon shares slide after Coty withdraws takeover offer

      (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. ...

    • Avon Products Should Have Taken Coty's Offer

      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.

    • 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.

    • 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 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.

    • Coty ups bid for Avon, has Buffett's backing

      Beauty products group Coty upped its offer for rival Avon Thursday, saying it had the support of billionaire Warren Buffett in the already once-rejected takeover bid.In a letter to Avon released by Avon's board, Coty said it would offer the company $24.75 a share, up from $23.25, raising the value of its cash bid to $10.7 billion dollars."We continue to believe that our proposal would provide compelling value to Avon's shareholders relative to a difficult and uncertain multi-year turnaround on a stand-alone basis," Coty said in the letter.

    • Coty bids $10 billion for Avon

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      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.   

    • Coty Launches Bid for Avon

      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.

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