BGN Entrepreneur

The global cosmetic company–Avon Products announced that it would consider the raised $10.7bn bid from Coty, indicating that the company expected to respond to the fragrance maker within a week.
In a letter addressed to Avon board of directors on May 9th, Coty raised its earlier offer of $23.25 a share for the cosmetics direct seller to $24.75 a share. For the first time, Coty announced that Warren Buffett’s Berkshire Hathaway would provide financing. It gave Avon a three-day deadline of Monday for its response indicating that it would withdraw its offer if it failed to enter into talks.

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