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 has gapped open sharply higher Monday and is now up 3.75 at $23.11 on above average volume. The stock has jumped to a 5-month high and has re-crossed its 200-day moving average.
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by RTT Staff Writer
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