The deadline Coty set had expired
Coty has withdrawn its $10.7bn bid for direct sales giant Avon saying that the deadline it had set for a response from Avon had expired. This brings to an end, for now at least, a tense six week stand-off between the two companies.
Coty had given Avon until late yesterday evening to respond to its offer although Avon had said it would need more time to consider it. However, chairman of Coty, Bart Becht, is reported to have said last night: “As our deadline to begin discussions expired today, our proposal is withdrawn. It is time for Coty to move on and pursue other opportunities.”