Avon Products rejects Coty's $10 billion offer
NEW YORK (AP) - April 3, 2012 (WPVI) -- Struggling Avon Products Inc. is rejecting a buyout offer worth about $10 billion from beauty company Coty Inc.
Coty went public with the bid Monday. It said the offer was an increase from a previous bid of $22.25 per share. The new offer is a 20 percent premium to Avon's Friday closing price of $19.36.
But Avon said Monday that the offer is basically the same as Coty's previous one. Avon said its board still believes Coty's offer is not in the best interest of Avon's shareholders.
Avon said Coty's bid substantially undervalues the New York company.
Avon's stock surged 21.9 percent to $23.60 in premarket trading.
- Driver ID'd, charged in fatal crash in Lawrence, N.J. 29 min ago
- Very cold today, Saturday storm
- WATCH: Action News Online
- 2013 Troop Greetings
- Interpreter at Mandela event: I was hallucinating 24 min ago
- DA: Woman stole $81K from Montco church
- Woman charged in boyfriend's heroin death
- Police: Freshman dies after frat ritual in Poconos
- NASA: Space station may have bad valve
- Narcotic officers raid Lacey High School
- Dump truck hits ATV pulling sled, boy killed
- Photos: Top Holiday Tech Gifts 2013!
- Photos: The Headhouse District's Winter Wonderland 41 min ago
- Sign up for Facebook Flash!
- Driver ID'd, charged in fatal crash in...
29 min ago