An investigation for NYSE:AVP stockholders over the decision to reject the offer by Coty to take over Avon Products, Inc. was announced and other NYSE:AVP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/22/2012 -- The decision to reject the offer by Coty to take over Avon Products, Inc prompted an investigation on behalf of current NYSE:AVP stockholders concerning potential breaches of fiduciary duties by certain directors at Avon Products, Inc
Investors who purchased shares of Avon Products, Inc. (NYSE:AVP) prior to April 2, 2012 and currently hold any of those NYSE:AVP shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On April 2, 2012, Coty Inc. announced that it has submitted a non-binding proposal to acquire Avon Products, Inc. for $23.25 per NYSE: AVP share in cash. Shortly after the announcement was made public the board of directors of Avon Products, Inc. rejected the offer.
NYSE:AVP shares jumped after the takeover announcement from April 2, 2012 from $19.36 on March 30, 2012 to $22.70 on April 2, 2012 and increased to as high as $23.52 per share on April 13, 2012.
On May 10, 2012 it was reported that Coty Inc has raised its bid for Avon Products Inc to $24.75 per share, up $1.50, but said it would withdraw its offer if Avon Products, Inc. did not enter into discussions by May 14.
Then on May 14, 2012, Coty Inc. announced that it has sent a letter to the Avon Products, Inc., Board of Directors and withdrew its takeover bid.
NYSE:AVP shares fell on Tuesday, May 15, 2012 to $18.21 per share and declined to as low as $16.77 per share on May 21, 2012.
Those who purchased shares of Avon Products, Inc. (NYSE:AVP) prior to April 2, 2012 and currently hold any of those NYSE:AVP shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego