NEW YORK CITY (dpa-AFX) - Fragrance maker Coty Inc. announced that its Avon Products, Inc (AVP)acquisition proposal is withdrawn as its deadline to begin discussions expired today.
In a letter to the Avon Products Board, Coty said that Avon's total lack of engagement leads to believe that Avon remain reluctant to explore a friendly, negotiated combination on a reasonable timetable.
Cosmetics company Avon Products said Sunday that it will consider fragrance maker Coty's sweetened takeover offer of $24.75 per share and will respond within a week. Coty had first made a public offer for Avon in April.
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