Perfume company Coty has withdrawn its unsolicited bid for Avon, saying the beauty firm had taken too long to respond, after six weeks of negotiation.
Coty, which has created perfumes for the Beckhams and Lady Gaga, raised its bid last week by 6.5 per cent and set a deadline of Monday night, after which it withdrew the offer. It refused to allow Avon executives an extra week to consider the offer, as they requested.
Mr Becht, Coty’s chairman, said in his letter:
"We believe that we provided a compelling and well-financed proposal for a business facing multiple challenges.We received encouragement from many of your shareholders, research analysts and others in the financial community. Despite this support, your total lack of engagement with us leads us to believe that you remain reluctant to explore a friendly, negotiated combination on a reasonable timetable. Two months is enough."