LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims against the Board of Directors of Avon Products, Inc. (“Avon” or the “Company”) (NYSE: AVP) 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 Tuesday, 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 percent.
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.
If you are a shareholder of Avon, if you have information or would like to learn more about our investigation, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Louis Boyarsky, Esquire, Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by email to firstname.lastname@example.org.
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