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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Avon Products Inc | NYSE:AVP | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.60 | 0 | 01:00:00 |
Avon Products said thanks but no thanks to a $10 billion buyout offer from Coty today. The offer was 20% premium to the closing price on Friday, but management thought it was too low. Avon noted that the deal values the company and 1.1 times Avon's net revenue for the fiscal year ended December 31, 2011 and 8.7 times 2011 EBITDA.
Management went on to say that Coty is attempting to obtain a "free look" at Avon in the absence of any commitment whatsoever to close a transaction at any price.
Consummation of this deal is just not likely, and brings to mind other big name deals that just didn't make it.
Being a tech guy, I recall the infamous Microsoft for Yahoo! deal that ended up rather poorly for Jerry Yang.
Another mega deal that was a mega dud, was AT&T for T-Mobile. A $5 billion breakup fee made the deal a winner for T-Mobile, but not so much for good old "'Ma Bell."
What are some other great "Deals that Weren't" that you can think of?
1 Year Avon Products Chart |
1 Month Avon Products Chart |
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