Company News

Coty Gets Closer To Deal With Avon

Avon’s shares rise with today’s deadline for acquisition.

Author Image

By: TOM BRANNA

Editor

Avon shares rose more than 5% in premarket trading on Monday, a day after the cosmetics company said it would consider the latest proposal from Coty Inc., according to reports. Avon, which rejected Coty’s prior offers, said on Sunday that it would respond to Coty within a week.
As previously reported in Happi, Coty Inc. raised its bid to $10.7 billion for Avon in a deal that involves Berkshire Hathaway Inc.

Last week, Coty raised its price per share 6.5% to $24.75 and also put forth a Monday, May 14 deadline for Avon’s board to respond—or it will pull out of the deal.

Avon Products, Inc. said it had received a letter from Coty Inc., and its board would “consider the letter in due course.”

Keep Up With Our Content. Subscribe To Happi Newsletters