Coty Low-Ball Offer Seen Emerging as Avon’s Best Option
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Avon Products Inc. Chairman and Chief Executive Officer Andrea Jung will have a hard time fending off a takeover by Coty Inc.
Coty Chairman Bart Becht’s $10 billion bid for Avon yesterday is the lowest on record relative to earnings and sales for cosmetics company takeovers, according to data compiled by Bloomberg. Yet it comes as the world’s largest door-to-door seller tries to turn itself around, weathers investigations into possibly corrupt practices and seeks to replace Jung as CEO.