Articles Tagged With "bailout"

Coty Inc.

Coty called on Avon in a takeover bid. But when Avon didn't answer in time, Coty threw its hands up in the air and abandoned its pursuit of the cosmetics company. As part of its $24.75-per-share sweetened offer, Coty had even flanked itself with Warren Buffett's Berkshire Hathaway and Coty owner Joh. A. Benckiser to help seal the deal. After purchasing Philosophy and TJoy within the past year, Coty Chairman Bart Becht was eager to add the ailing Avon business to its vast portfolio of popular scents. Avon said on Sunday it would respond to Coty's newer $10.7 billion unsolicited offer within a week. Coty, however, didn't wait and the fragrance giant announced late last night that it was retreating. Perhaps new Avon CEO Sherilyn McCoy, former vice chairman of Johnson & Johnson, is just too busy with turnaround plans to open Avon's door.

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