logo
Share SHARE
FONT-SIZE Plus   Neg

Coty Inc. Proposes $23.25/Shr Cash For Avon Products - Quick Facts

Coty Inc. said it has submitted a non-binding proposal to acquire Avon Products Inc. (AVP: Quote) for $23.25 per share in cash in a mutually agreeable and negotiated transaction. The proposal, valued at nearly $10 billion, represents a substantial premium of 27% over the three month volume-weighted average price for Avon shares.

Following extensive but unsuccessful attempts to engage Avon in talks on its proposal, Coty has decided to make its proposal public in order to inform Avon's shareholders of the significant value in a transaction. Also, Coty said it has no intention of pursuing an acquisition on a hostile basis.

Bart Becht, Chairman of the Board of Directors of Coty noted, "Our objective is to engage in discussions with Avon and conduct due diligence so that we and Avon can together determine if there is a basis for a transaction. We believe Avon's shareholders would want their Board to explore with us the benefits to shareholders of a transaction."

Coty, in a letter to Avon's board, expresses desire to open negotiations and Coty also anticipates being able, with Avon's cooperation, to complete due diligence quickly and move forward with a mutually agreeable transaction.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
If calories are not reduced, exercise alone can have no effect on obesity, says British Sports Medicine, a peer-reviewed journal of sport and exercise medicine. The journal says the blame for expanding waist lines is directly on the type and amount of calories consumed and the poor diet generates more disease than physical inactivity, alcohol and smoking combined. Deutsche Bank (DB) on Sunday reported an about 50 percent decline in first-quarter profit, despite clocking double-digit revenue growth, as the German lender recorded hefty legal charges over allegations of rate-rigging. Casino operator Wynn Resorts said its shareholders ousted Elaine Wynn from the board, reflecting fears that her presence may lead to disharmony with the management.
comments powered by Disqus
RELATED NEWS
Trade AVP now with 
Follow RTT