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Coty boosts bid for Avon to $10.7bn

Financial Times - May 10, 2012

Coty raised its bid for Avon and said Warren Buffett’s Berkshire Hathaway was now part of the group providing financing for its offer, as the fragrance company stepped up pressure to secure a deal for the direct-sales cosmetics maker.

Avon revealed Coty’s new bid of $24.75 a share, or about $10.7bn, when it posted a letter from Coty on its website on Thursday morning, saying it would review the offer “in due course”. The revised price is 6.5 per cent higher than Coty’s previous offer.

Coty did not reveal how much equity financing Berkshire Hathaway was prepared to provide.

But in its letter, Coty asked Avon for a reply by Monday, saying it would withdraw its proposal if Avon did not engage in discussions. Coty added it was prepared to sign a confidentiality agreement and a standstill provision that would prevent it from taking further public steps to acquire the company if Avon allowed it to conduct due diligence.

Read Full Article from Financial Times

- Posted: 2012-05-10 10:15:41

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