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No Fight Left in Avon

Battered board reaches agreement with Barington Capital

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By: TOM BRANNA

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Avon would rather capitulate than switch. The company agreed to give activist investor Barington Capital Group LP the right to approve the appointment of an independent director to the company's board, avoiding a proxy fight. The group owns a stake of more than 3% in Avon. The nominee would have to be jointly selected by Avon and its top investor, Cerberus Capital Management, to whom Avon sold a majority of its North America business earlier this month.   “We are pleased to ha...

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