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Coty withdraws its $10.7B takeover bid for Avon (AVP), saying the cosmetics direct seller has...

Coty withdraws its $10.7B takeover bid for Avon (AVP), saying the cosmetics direct seller has missed its deadline to start talks. Coty Chairman Bart Brecht: "I find it remarkable that since we made our revised proposal ... no one from Avon's Board or management has been willing to speak with us."  (PR)
Comments (14)
  • words
    , contributor
    Comments (76) | Send Message
     
    Poor leadership, poor results!
    14 May 2012, 10:01 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9923) | Send Message
     
    Ohhhh well .... there goes the spec. play on that one.
    14 May 2012, 10:41 PM Reply Like
  • rhiannion
    , contributor
    Comments (232) | Send Message
     
    Avon was/is great - used their Ulta face products for years ; and then they changed their distribution process to their representatives. The products were either late or they were charged for products they hadn't received but had ordered but went elsewhere. All reps in my area discontinued last year after months of frustration of delivery (or non-delivery) problems. Plus they should not sell jewelry - pricey but the production of items are cheap with globs of glue (reminds of the 5 & 10 cent stores of 40 - 50 years ago).
    14 May 2012, 10:52 PM Reply Like
  • bigfoot
    , contributor
    Comments (8) | Send Message
     
    Who, besides me, thinks this game isn't over yet?
    14 May 2012, 10:56 PM Reply Like
  • buyitcheap
    , contributor
    Comments (1848) | Send Message
     
    agreed, I wonder at the half heartedness of this bid in the first place...
    14 May 2012, 11:59 PM Reply Like
  • Jordanbird
    , contributor
    Comments (5) | Send Message
     
    Coty's letter was well written with so much validity - Avon dragged its heels and it's long overdue for Andrea Jung to pack her Beauty Showcase and move on! Mrs Albee would not be pleased! Still, as "bigfoot" suggests in his/her message above, I think there's method to Coty's actions - stay tuned.
    14 May 2012, 11:22 PM Reply Like
  • rhiannion
    , contributor
    Comments (232) | Send Message
     
    Avon needs to sell - their playing coy for whatever reason. They don't have the distribution they have a year ago; they have the products but their distribution network went down the tubes.
    14 May 2012, 11:39 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    Actually the Avon Lady does the calling not the other way around!

     

    Could not resist! Now open the joke floodgates.
    14 May 2012, 11:47 PM Reply Like
  • davidbdc
    , contributor
    Comments (3141) | Send Message
     
    Why would the management team that will be sacked call?

     

    Who's kidding who? Most management team's these days don't view themselves as having fiduciary responsibilities - they just care about their next bonus. Shareholders?? Suckers!
    15 May 2012, 01:47 AM Reply Like
  • texko
    , contributor
    Comment (1) | Send Message
     
    I don't believe that the game is over yet either. We are entering the second inning on this one, IMO.
    15 May 2012, 02:54 AM Reply Like
  • Aristiphones
    , contributor
    Comments (1327) | Send Message
     
    i thought they did reply yesterday.
    15 May 2012, 06:13 AM Reply Like
  • Norwell
    , contributor
    Comments (48) | Send Message
     
    I thought so too. I know Avon wasn't interested, but they are now. Then Coty withdraws the bid. No wonder Avon was taking so long - these guys are jerks.
    15 May 2012, 08:00 AM Reply Like
  • nandopenteado
    , contributor
    Comment (1) | Send Message
     
    It seems to me that Coty was speculating, no more! They probably wont intend to honor the offer since the beginning, but only to stay on the spot, they decided to move forward with this “proposal”.
    15 May 2012, 08:16 AM Reply Like
  • mustluvdogs
    , contributor
    Comments (5) | Send Message
     
    Wow, four days was all it took to pull back the offer.... ants in their pants I suppose.

     

    On another note, a positive note....from my AVON rep. I occasionally receive MORE then I ordered. She also GIVES me freebies (occasionally). I like what I order but, the surprises have proven to be fun in life too.
    19 Jun 2012, 11:52 PM Reply Like
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