Coty Still Interested in Avon

Beauty product company Coty, whose $10 billion bid for larger rival Avon Products was rejected, said it might raise its offer if it were invited to complete due diligence, writes Reuters. Coty said it remained interested in discussing its proposal with Avon, which appointed a new CEO last week.

Reuters – Beauty product company Coty Inc, whose $10 billion bid for larger rival Avon Products Inc (AVP.N) was rejected earlier this month, said it might raise its offer for the direct seller if it were invited to complete due diligence.

Coty said it remained interested discussing its proposal with Avon, which appointed a new CEO last week.

“At this stage, without being invited to complete due diligence, we have no way of knowing the best price we can ultimately pay to Avon shareholders,” the company said in a statement.

(Reporting by Juhi Arora in Bangalore; Editing by Viraj Nair)