PARIS — Coty Inc. said it has made a “non-binding proposal” to acquire Avon Products Inc. for $23.25 per share, in a deal valued at approximately $10 billion.

Coty touted its bid as offering a 27 percent premium over the price of Avon shares, weighted over three months.

The beauty firm noted it had no intention of a hostile acquisition, but made its offer public “in order to inform Avon’s shareholder’s of the significant value in a transaction.”

In a release, Coty noted it had made extensive but unsuccessful attempts to “engage Avon in discussions regarding its proposal.”

load comments
blog comments powered by Disqus