We publish a number of links on the Coty “indicated” $10 billion bid for Avon – that’s right, it’s not an actual hostile bid yet. Coty attempted a friendly approach three times and it decided to make its conditions public in an announcement. Since it’s not a formal bid, Avon contends that it is “a free look into their books”, but Coty appears to be trying to influence the relatively unhappy Avon shareholders to tell Avon’s board to consider the deal. The board has already rejected the terms, so unless Coty goes hostile, that’s the end of the story for them. For us in Brazil, it’s a very interesting look at what could potentially happen here – “how” and “when” are still very unclear.
Background story: The billionaire family behind Coty (Coty is but one of many brands they own fully or partially).
Background story: Warren Buffett’s favorite banker is in charge of funding Coty’s bid.
Economist.com: Makeover or takeover? Concise summary of “proceedings”.