Glancy Binkow & Goldberg LLP Announces Continued Investigation of Avon Products, Inc.
May 16 2012 - 12:45PM
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 shareholders@glancylaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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