Deals
Avon Said to See Some Strategic Benefits to Merger With Coty
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Avon Products Inc., the target of an unsolicited $10 billion offer from Coty Inc., sees some strategic benefits in a combination and previously considered buying the fragrances seller, according to a person with knowledge of the situation.
Coty’s cash proposal of $23.25 a share is 20 percent higher than Avon’s closing price on March 30. Avon rejected the offer, saying a deal wouldn’t be in the best interests of shareholders. For now, Avon is focused on finding a chief executive officer and close to choosing a replacement for current CEO Andrea Jung, said the person, who declined to be identified because the matter is private.