Coty withdraws takeover bid for Avon

Reuters News
Posted: May 14, 2012 10:11 PM

(Reuters) - Coty Inc said on Monday it is withdrawing its $10.7 billion takeover bid for Avon Products Inc, saying the world's largest cosmetics direct seller had missed its deadline to start talks.

Coty had first made a public offer for Avon in April, but later told that company's board that it had until the close of business on Monday to start talks.

Shares of Avon closed Monday up 77 cents at $20.96 on the New York Stock Exchange. Coty revealed its decision after U.S. markets closed.

(Reporting By Phil Wahba; Additional reporting by Jonathan Stempel; Editing by John Mair)