Shareholder Knocks Avon For Rebuffing $10B Coty Offer

Law360, New York (April 4, 2012, 8:13 PM EDT) -- A shareholder hit Avon Products Inc.'s board of directors on Tuesday with a proposed class action, alleging they were too hasty in rebuffing Monday's announced $10 billion acquisition proposal by beauty company Coty Inc.

Shareholder Sylvia Pritika brought the complaint in New York state court on behalf of herself and others, claiming the board's failure to properly consider Coty's share offer and engage in negotiations was a breach of fiduciary duty.

"Despite the company's prolonged underperformance, disastrous recent financial results and substantial uncertainty about its future...
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