Avon Stock Skids After Coty Yanks $10.6B Buyout Bid

Law360, New York (May 15, 2012, 7:15 PM EDT) -- Struggling cosmetics giant Avon Products Inc. continued to founder Tuesday after failing to meet rival Coty Inc.'s deadline to open discussions in a $10.6 billion takeover bid, a move analysts said could cost the sinking company time and money.

On Tuesday, a day after Coty yanked its offer, Avon's share prices tumbled more than 10 percent — another in a line of troubles for the company.

Investors became increasingly vocal in their support of a sale last week as Coty ticked up its purchase price past...
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