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Avon will ponder Coty’s takeover bid, in time

By Evelyn M. Rusli
New York Times / May 14, 2012
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Avon Products needs a bit more time to weigh Coty’s takeover bid. A cosmetics company known for its international door-to-door sales force, Avon announced Sunday that it would consider Coty’s sweetened $10.7 billion offer. The board of Avon, which is reviewing a letter Coty sent to it Wednesday outlining the offer, said it would respond within a week. Coty said Sunday that it was unsure why Avon’s board needs more time to begin talks. ‘’We have reached out to Avon to clarify why they are seeking additional time to respond to our request from last Wednesday to begin discussions and due diligence,’’ Coty said in a statement.

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