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Coty Makes $10 Billion Bid for Avon

AVP shares jump 27% in premarket trading.

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By: TOM BRANNA

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Ding-dong. Coty’s calling—on Avon. Coty has made an unsolicitated $10 billion bid for beleaguered Avon. “Following extensive but unsuccessful attempts to engage Avon in discussions regarding its proposal, Coty has decided to make its proposal public in order to inform Avon’s shareholders of the significant value in a transaction,” Coty said. The purchase price values Avon at a premium of $3.89, or 20%, over Avon’s closing price of $19.36 a share on Friday....

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