Avon Within Its Right To Reject $10B Coty Offer, Atty Says

Law360, New York (August 28, 2012, 5:12 PM EDT) -- An Avon Products Inc. attorney told a New York state judge Tuesday that shareholders can't bring a derivative suit over the beauty products maker's snub of Coty Inc.'s $10 billion takeover offer, arguing that Avon's board was right to curtly reject Coty's overtures.

Peter C. Hein of Wachtell Lipton Rosen & Katz, who represents Avon, said the shareholders didn't have standing to sue over the spurned deal — in which Avon's board rejected Coty's initial $10 billion offer and allegedly didn't respond to a second $10.7...
To view the full article, register now.