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) 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

Editors Pick
Electronics retailer Best Buy Co. Inc. (BBY), has announced it will retail Apple Watch in its store from next month, making it the first retailer besides Apple Stores to offer the smartwatch that was launched three months ago. Initially, Best Buy will start selling the smartwatch in over 100 stores... Here is a quick summary of the earnings reported after the bell on Jul 27. 1.Del Taco Restaurants, Inc. (TACO, TACOW) Q2 Net income was $4.6 million compared to net loss of $0.1 million a year ago. Q2 Total revenue was $97.6 million, an increase of 7.0% compared to $91.2 million a year ago. *** 2.Plantronics,... Semiconductor packaging company Amkor Technology Inc. (AMKR), Monday reported a plunge in profit for the second quarter, as revenues declined and margins narrowed. The bottom line was also impacted by a debt extinguishment charge. Shares of the company fell about 14 percent in extended hours after...
comments powered by Disqus
RELATED NEWS
Trade AVP now with 
Follow RTT