Avon Products (AVP) Rallies As It Reviews Coty's Raised Offer
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Shares of Avon Products, Inc. (NYSE: AVP) are 4 percent higher early Monday after the company said it will consider a revised offer from Coty Inc.
On May 9th, Coty, in a letter, raised its offer to acquire the cosmetics and other personal products maker from $23.25 per shares to $24.75 per share, subject to due diligence and the other conditions.
Avon's Board expects to respond to the May 9th letter from Coty within a week.
Shares of Avon last traded at $21.19, up 5 percent from Friday's close but still 17 percent below Coty's latest takeover offer.
On May 9th, Coty, in a letter, raised its offer to acquire the cosmetics and other personal products maker from $23.25 per shares to $24.75 per share, subject to due diligence and the other conditions.
Avon's Board expects to respond to the May 9th letter from Coty within a week.
Shares of Avon last traded at $21.19, up 5 percent from Friday's close but still 17 percent below Coty's latest takeover offer.
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