Coty Proposes to Acquire Avon Products for $23.25 in Cash; Total Value $10B

Coty today announced that it has submitted a non-binding proposal to acquire Avon Products, Inc.

for $23.25 per share in cash in a mutually agreeable and negotiated transaction.  The proposal, valued at approximately $10 billion, represents a very substantial premium of 27% over the three month volume-weighted average price for Avon shares. Coty has held extensive discussions with its financing sources about obtaining the debt and equity financing necessary to complete this transaction, and is confident that such financing will be available.  Following extensive but unsuccessful attempts to engage Avon in discussions regarding its proposal, Coty has decided to make its proposal public in order