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Glancy Binkow & Goldberg LLP Announces Continued Investigation Of Avon Products, Inc.


Wednesday, 16 May 2012 12:45pm EDT 

Glancy Binkow & Goldberg LLP announced that it is investigating potential claims against the Board of Directors of Avon Products, Inc. (Avon or the Company) related to their rejection of a proposal by Coty Inc. to acquire the company. Coty announced on April 2, 2012 that it had offered to purchase the Company for $10 billion or $23.25 per share (the Proposal). On May 15, 2012, Coty retracted its offer after Avon failed to meet its deadline to respond. As a result, Avon`s share price declined more than 10%. This investigation concerns whether the Board of Directors of Avon breached their fiduciary duties to stockholders by failing to pursue this opportunity, and whether the Company has disclosed all material information to shareholders about the Proposal. Coty`s offer would have provided shareholders with a premium of 27% over the three month volume-weighted average price per share. Given the Company`s current troubles including a bribery investigation, the 27% premium appears to be substantial. 

Company Quote

14.95
0.18 +1.22%
24 Apr 2014