Dec. 17, 2015, 3:29 AM
- Cerberus Capital Management is nearing a deal to buy 80% of Avon Products' (NYSE:AVP) North American business for $170M and take a nearly 17% stake in the parent for an additional $435M, WSJ reports.
- As part of the deal, Cerberus will designate a new chairman and take three seats on Avon's board along with naming two new independent directors.
- The company has been struggling to reverse a decline in sales for nearly four years, as it loses representatives - the "Avon Ladies" - and faces an increase in online shopping.
- Previously: Avon Products pops on report of Cerberus talks (Dec. 03 2015)
Sep. 10, 2015, 2:01 PM
May 14, 2015, 12:11 PM
- Avon Products (NYSE:AVP) is on a wild ride as original reports of a buyout offer on the company remain unconfirmed.
- Shares of AVP are still up 6.9% to $7.13 after being as high as $8.00.
- Here's the SEC filing from PTG in which it curiously calls itself TPG twice.
- Previously: Avon Products halted after report of buyout offer
May 14, 2015, 11:44 AM
Jan. 29, 2015, 10:01 AM
- The hire by Avon Products (AVP +2.7%) of James Scully as its new CFO has rekindled speculation of a P-E buyout.
- Scully comes over from J. Crew which was brought private by TPG Partners and Leonard Green in 2010.
- Barclays Capital: "We can’t help but wonder if this appointment has greater meaning?" (h/t Notable calls).
Jan. 24, 2015, 2:30 PM
- PE giant TPG Capital "seriously considered" buying Herbalife (NYSE:HLF) last year. It also took a look at Nu Skin (NYSE:NUS).
- It is not clear why TPG’s interest in Herbalife and Nu Skin ended without any investment.
- On Thursday, Avon (NYSE:AVP) jumped 15% on reports TPG was interested in acquiring it, only to drop 7.9% on Friday after Wells Fargo told clients in a note it was skeptical of the prospect.
- If TPG does not buy Avon, it “might take a new look” at Herbalife, with its stock falling in half over the last 12 months, a source says.
- Source: NY Post
Jan. 23, 2015, 8:00 AM
- Analysts think a buyout of Avon Products (NYSE:AVP) isn't far-fetched with shares down over 48% over the last year.
- A loss of faith in Avon management amid a cycle of negative news has cleared the path for shareholders to back a P-E acquisition.
- Previously: Avon Products spikes on report of TPG interest (Jan. 22 2015)
- AVP -1.3% premarket after burning a 14.55% gain yesterday.
Jul. 2, 2013, 7:50 PM
Avon (AVP) says it's selling its struggling Silpada jewelry business for $85M in cash, plus an $15M if the business meets certain earnings targets over the next two years. That's still a big loss, considering AVP bought the jewelry business in 2010 for $650M, making it one of its largest acquisitions in years. But the company says the sale will remove another drag on performance as the company works to turn itself around under CEO Sheri McCoy.| Jul. 2, 2013, 7:50 PM | 1 Comment
May 16, 2012, 3:19 PM
May 15, 2012, 3:58 PM
May 15, 2012, 6:56 AM
May 14, 2012, 9:58 PM
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)| May 14, 2012, 9:58 PM | 14 Comments
May 14, 2012, 2:44 AM
Avon (AVP) said yesterday it will consider Coty's $10.7B takeover bid and expects to respond to the offer within a week.| May 14, 2012, 2:44 AM | 3 Comments
May 11, 2012, 5:48 PM
Federal regulators are looking into trading activity that preceded Coty Inc.'s $10B offer to buy Avon (AVP). Earlier this week regulators requested phone records from AVP, although it's not yet clear what exactly the SEC's looking for. A spokesman for the company says it's fully cooperating with investigators. AVP +1.4% AH.| May 11, 2012, 5:48 PM
May 10, 2012, 8:16 AM
May 10, 2012, 7:58 AM
More on Coty-Avon (AVP) offer: Coty's increased offer represents "$1B of incremental value" to Avon's shareholders. Coty gives Avon until Monday to respond and until the end of May to see if there's "a mutually agreeable basis for a transaction." Berkshire Hathaway (BRK.A) is providing some of the equity financing and JPMorgan (JPM) the debt. Avon +4.1 to $22.42 premarket.| May 10, 2012, 7:58 AM | 1 Comment