Actress Reese Witherspoon is the face of Avon
3 April 2012
Ding dong! Cosmetics giant Avon today resoundingly closed its door in the face of rival beauty group Coty, which came calling with a $10 billion (£6.3 billion) takeover offer.
Avon, famed for its direct selling methods, said the bid “substantially undervalues” its shares.
Bart Becht, the former head of Britain’s Reckitt Benckiser, is now chairman of Coty. He said he could not understand why Avon would not respond to his approaches.
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