Coty Boosts Avon Bid Past $10.6B, Sets Deadline

Law360, New York (May 10, 2012, 12:26 PM EDT) -- Beauty product maker Coty Inc. upped its bid for rival Avon Products Inc. to $10.65 billion and hinted it could pad that price, but threatened to yank the offer if Avon doesn't open negotiations soon, according a letter Avon made public Thursday.

In the letter, Coty gave Avon a hard deadline to respond to the offer — the end of Monday. The revised bid, a boost from a previous $10 billion offer, represents a $24.75 per-share price and a 36 percent premium over Avon's closing price...
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