Coty Withdraws Bid for Avon (AVP)

May 15, 2012 6:30 AM EDT
Coty Inc. withdrew its takeover bid for Avon Products, Inc. (NYSE: AVP) one day after Avon said it would review Coty's revised offer.

Coty said too much time has elapsed and as their deadline to begin discussions expired today, the proposal is withdrawn. Coty said they will move on and pursue other opportunities.

Coty's withdrawn offer contemplated paying Avon shareholders $24.75 per share, up from the original offer of $23.25 per share.

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