Coty Inc. came knocking at the door, but Avon didn’t answer.
Avon Products Inc., the cosmetics giant, rejected a USD10 billion buyout offer from Coty, the New York-based beauty products maker, which is far smaller than Avon itself. The offer was not exactly unsolicited, as it came out of months of negotiations between Avon and Coty with the intention of Coty being sold to Avon.
Avon, which has annual revenues surpassing USD11b, has been struggling to grow its sales in recent years. The company was also subject to a foreign bribery investigation in China. Coty’s bid comes at a time of weakness at the beauty giant.
(Source: The Epoch Times)