Avon shares jumped 17% today after Coty made a $10B offer to buy the company. On per share basis, the offer stands at $23.25, which is a 27% premium over the 3-month average price. Coty is no stranger to this line of business. Its current celebrity partnerships include Calvin Klein, Beyonce, Jennifer Lopez and Lady Gaga. It was founded in 1904 by perfume maker Francois Coty, who focused on selling perfume to large group of people. British owned Coty wants to tap the door-to-door sales network Avon built and is only pursuing a friendly bid at the moment. Avon now 125 years of history behind its back. The celebrated CEO Andrea Jung will step down once a replacement is found and will remain as the Chairwoman. For more news and updates, keep it right here at the Financial News Network. I’m Julia Sun.
