Avon Directors Win Dismissal Of Suit Over $10B Coty Offer

Law360, New York (March 15, 2013, 2:24 PM EDT) -- Avon Products Inc. shareholders can't bring a derivative suit over the beauty products maker's snub of Coty Inc.'s $10 billion takeover offer because they never made a demand to Avon's board of directors as required by law, a New York state judge ruled in an opinion released Thursday.

New York State Judge Eileen Bransten said that the shareholders had not adequately alleged that the board had failed to exercise its business judgment in denying the Coty bid. The shareholders also failed to show facts that the...
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