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

Quick Facts

Editors Pick
Facebook's Chief Operating Officer Sheryl Sandberg said the company would be a founding partner of Station F start-up garage in Paris. There will be more than 3000 desks for tech companies at the start-up garage. In its first ever start-up project, Facebook plans to have 80 desks and would initiate the activities by April. Book retailer Barnes & Noble has pulled off from shelves its Nook tablet due to a faulty charger, after launching the cheap 7-inch tablet in November to take on Amazon's popular Fire tablets. Nook tablet has been removed from brick and mortar stores as well from online. Barnes & Noble has not issued... Morgan Stanley (MS) reported fourth-quarter net income applicable to company of $1.7 billion, or $0.81 per share compared with income of $908 million, or $0.39 per share, for the same period a year ago. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share...
comments powered by Disqus
Follow RTT