Coty withdraws bid for Avon
May 16 , 2012
Fragrance firm Coty has withdrawn it $10.7 billion bid for Avon Products, stating the U.S. beauty firm had taken too long to respond to the offer.
Coty first made the bid in March and raised it last week but warned it would withdraw if it did not receive a response by Monday night.
In recent months, Avon has recorded a significant decline in sales and profits.
The company is known for its beauty products sold door-to-door by women fondly known as “Avon ladies.”
Coty has created perfumes for Lady Gaga and Beyonce Knowles amongst other celebrities.