NEW YORK , April 2, 2012 /PRNewswire/ -- Avon Products, Inc. (NYSE: AVP) today announced that its Board of Directors elected Douglas R. Conant to the Board, effective immediately. Mr. Conant, age 60, is the retired President and Chief Executive Officer of the Campbell Soup Company, where he served from 2001 - 2011 and led the company through a dramatic business transformation that generated quality sales growth, ten consecutive years of adjusted earnings per share growth, strong cash flow and record returns on invested capital. Prior to that, Mr. Conant served from 1992-2000 at Nabisco in a series
Struggling beauty products seller Avon Products on Monday rejected a buyout offer worth about $10 billion from fragrance maker Coty Inc. Coty went public with the bid for Avon on Monday. It said the offer was an increase from a previous bid of $22.25 per share. The new offer is a 20 percent premium to Avon's Friday closing price of $19.36. But Avon said Monday that the offer is basically the same as Coty's previous one. Avon said its board still believes Coty's offer is not in the best interest of shareholders and that it undervalues the New York company.
Proposal Represents Immediate and Certain Value for Avon's Shareholders at a 27% Premium Over the Company's Three-Month Weighted Average Share Price NEW YORK, April 2, 2012 /PRNewswire/ -- Coty Inc., a leading global beauty company, today announced that it has submitted a non-binding proposal to acquire Avon Products, Inc. Following extensive but unsuccessful attempts to engage Avon in discussions regarding its proposal, Coty has decided to make its proposal public in order to inform Avon's shareholders of the significant value in a transaction. Coty said it has no intention of pursuing an acquisition on a hostile basis. "Our
New York City -- Mindy Grossman, CEO of HSN Inc., is staying at the home shopping giant and is not interested in becoming the next CEO at Avon Products Inc., according to Women's Wear Daily. The report cited a letter Grossman sent to top HSN executives at HSN. Previous reports had Grossman as a top candidate to replace Avon CEO Andrea Jung, who agreed in December to resign.
Amid declining sales, rising commodity costs and a U.S. grand jury investigation into whether ex-employees in China paid bribes to officials in violation of U.S. anti-corruption laws, cosmetics giant Avon Products' CEO Andrea Jung said the company doesn't expect its margins to improve this year.