Subscriber Content Preview | Search Sign up for by | Published April 16, 2012 at 12:07 PM Coty Inc. on Monday reaffirmed its $10 billion unsolicited offer for Avon Products Inc., providing more details of its plans to finance the bid and hinting it might raise its offer if allowed to conduct due diligence.New York-based Coty put Avon in play earlier this month, proposing to pay $23.25 per share in cash for the cosmetics giant. Avon, also of New York, quickly rejected that bid as opportunistic and said it had no interest in discussing a transaction.Avon, which posted a
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