Coty Inc. Submits Acquisition Offer For Avon Products

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Coty Inc. announced it submitted a non-binding offer to acquire Avon Products (NYSE:AVP) for $23.25 a share in cash.The unsolicited offer represents a premium of almost 27% over the company's three-month average price and values the company at approximately $10 billion.At that price, the offer would be the biggest takeover in the cosmetics and toiletries industry since 2005, when Procter & Gamble purchased Gillette for $57.3 billion including debt.However, Avon released its own statement saying it has rejected Coty's offer because it wouldn't be in the best interests of its shareholders.