Avon Scoffs At $10B Coty Takeover Proposal

Law360, New York (April 2, 2012, 2:36 PM EDT) -- Beauty product company Coty Inc. on Monday made a public offer to purchase Avon Products Inc. for about $10 billion after various unsuccessful attempts at negotiating privately, but Avon swiftly rejected the offer, calling it “opportunistic.”

Coty submitted a nonbinding proposal to acquire Avon, the world's largest direct seller of beauty products, for $23.25 per share. The price represents a “very substantial” 27 percent premium over Avon's three-month volume-weighted average share price, according to Coty.

The company said it planned to obtain debt financing from JPMorgan...
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