Avon Rejects $10 Billion Takeover Offer From Coty
BY EMILY GLAZER AND PAUL ZIOBRO
Fragrance maker Coty Inc. made an unsolicited offered to buy Avon Products Inc. for $10 billion, taking advantage of the larger company's weakened position to pursue a deal that would expand its offerings and geographic reach.
Avon immediately rejected the offer as uncertain and stingy. The approach comes as Avon is entangled in a search for a new CEO, a strategic overhaul needed to reverse a string of disappointing financial results, and investigations by federal authorities into alleged bribery overseas.
A deal would be a big bite for Coty Chief Executive Bernd Beetz, who has expanded Coty via a string ...
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