Coty bids $10 billion for Avon

Reuters News
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Posted: Apr 02, 2012 7:34 AM

(Reuters) - Beauty company Coty Inc said on Monday it had offered to buy cosmetics direct seller Avon Products Inc for $10 billion.

Coty, known for fragrances for such celebrities as Beyonce and Lady Gaga, said it has been "unsuccessful" in getting Avon to talk about its offer, but said it had no plans to make a hostile bid.

Coty was offering $23.25 per Avon share, or a 20 percent premium over Friday's closing price of $19.36 on the New York Stock Exchange.

(Reporting By Phil Wahba)