Avon Shares Fall 10 Percent After Coty Withdraws Takeover Bid
Avon Products Inc's shares fell 10 percent after Coty Inc withdrew its $10.7 billion takeover bid for the world's largest cosmetics direct seller.
Avon's shares fell to $18.60 Tuesday morning, below their level in April before Coty first went public with its unsolicited offer to buy Avon.
Avon has been experiencing falling profits and declining sales, and the news that Coty withdrew its takeover bid leaves shareholders hoping the company can make a turnaround under its new CEO, Sheri McCoy.
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