Diane Alter – AHN News Reporter
New York, N.Y., United States (AHN) – Just one month after getting the big kiss-off from Avon, Coty has rung up the cosmetic company again–with a bigger offer.
On Thursday, Coty came calling with a $10.7 billion bid for Avon, and brought along an ally: Warren Buffett.
In a letter to Avon’s board, Coty listed Berkshire Hathaway as a recognizable and hard-to-resist new provider of equity financing, alongside German conglomerate Joh A. Benckiser and other yet-to-be named clients of BDT Capital Partners.
The addition of Buffett may not just sway Avon’s board and shareholders, it may also make it difficult for the company to refuse the sweetened offer.
In afternoon trading, shares of Avon were lower by almost 3 percent at $21.01.