Avon Products Inc., a globally known cosmetics company which has built on direct selling as a small business worldwide has rejected on Monday a $10 billion buyout offer from Coty Inc..
Coty Inc. is a starting beauty products maker which hopes to alleviate Avon from its current business issues and woes.
The $23.25-per-share bid marked a 20 percent premium to Avon’s closing stock price Friday. Avon said that was too low. It’s been a steep slide for an American icon.
Founded in 1886, Avon became a fixture in households across the country as its legions of “Avon ladies” went door to door selling makeup. Now, about 80 percent of Avon’s $11 billion in annual revenue comes from overseas.