It looks like things are beginning to heat up for Avon Products (NYSE:AVP) after the bit yesterday. I'd have a lot more confidence of something getting done if they would have replace the CEO Andrea Jung already. It really doesn't make sense to keep her on while this prolonged search is still going on. I agree that the deal undervalues the company but I do feel that Avon should be open to looking at deals, and perhaps the answer is to solicit other offers. Regardless they need to execute which has been a real problem under current management.
Disclosure: I am long AVP.