Avon to ‘consider’ Coty’s offer letter
Company expects to reach a decision within a week
In the latest development on Coty’s interest in buying the direct seller, Avon has advised Coty that it will consider its proposal letter dated 9 May and expects to respond to it within a week.
This decision has been made in conjunction with Avon’s management team and the company’s financial and legal advisors.
The letter stated Coty’s intentions to purchase Avon for the increased price of $10.7bn, in collaboration with Warren Buffet’s Berkshire Hathaway, which will be helping to finance the proposed deal.