Coty on Thursday raised its takeover bid for Avon Products
to $10.7 billion and unveiled a potent new weapon: Warren E. Buffett, Dealbook reports. Among Coty’s newest backers is Berkshire
Hathaway, the conglomerate that Mr. Buffett runs and one of the best-regarded
companies in the country.
In early April, Avon’s board rejected an unsolicited offer
of $10 billion by Coty, a rival cosmetics company. When Coty made that offer
public last month, it sought to capitalize on Avon’s troubles, including a
continuing investigation into allegations of bribery in several countries and a
longstanding difficulty in raising its stock price.
Injecting Mr. Buffett into the equation is aimed at
persuading Avon to come to the negotiating table….
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