Coty Inc. announced Monday morning that it submitted a non-binding proposal to acquire Avon Products Inc. (AVP: Quote) for $23.25 per share in cash. Avon immediately rejected the unsolicited bid, deeming the offer as "opportunistic and not in the best interest of Avon's shareholders."
Avon Products gapped open dramatically higher Monday, but traded in a range for the majority of the session. Shares finished up by 3.34 at $22.70 on the highest volume of the year. The stock jumped to a 4-month high and re-crossed its 200-day moving average.
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by RTT Staff Writer
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