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Shareholder Group Of Avon Products Demands Strategic Options Including Sale

Activist investment firm Barington Capital Group Monday said a shareholder group of Avon Products, Inc. (AVP) led by Shah Capital, Barington Capital Group, L.P., and NuOrion Partners has sent a letter to the Board to explore all strategic alternatives to maximize shareholder value, including a sale of the Company in whole or in parts. These shareholders collectively owns approximately 3.5 percent of the outstanding common stock of the company.

The shareholder Group said they are extremely disappointed with the deteriorating operating and share price performance and dismayed by the Board's failure to act quickly and decisively on the past recommendations its members have made to improve the long-term performance of the Company. The group also noted that hiring of a new chief executive officer has been long overdue. According to the Group the best course of action is for the Board to retain a financial adviser to explore the sale of the Company.

The Shareholder Group said it is convinced that a better capitalized strategic buyer would do a much better job of unlocking Avon's tremendous value potential than the Company's current Board.

by RTT Staff Writer

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