Coty, the multinational company known for marketing licensed fragrances like Calvin Klein, has been on an acquisition tear lately. They have bought nail polish fave OPI and skin care fave Philosophy, amongst others. It’s latest attempt for takeover is Avon Products, which has been having all sorts of business issues lately and is on the hunt for a new CEO.
The $23.25 informal offer would value Avon at about $10 billion, but the company thinks that is not enough, so it turned down Coty (perhaps looking for a bigger “engagement ring?”). You can read more about this at The Wall Street Journal.