Abernathy MacGregor Group and Brunswick Group are working communications in fragrance marketer Coty’s $10B hostile takeover bid for struggling Avon Products.
Coty today (April 2) made its $23.25-per-share offer public, noting it hopes to engage in talks with Avon in pursuit of a deal.
Avon, responding an hour later at around 8 a.m., said Coty made the offer less than two weeks ago and said Avon’s board concluded the bid is “opportunistic and not in the best interest of Avon’s shareholders.”
Abernathy MacGregor president Charles Burgess is speaking for and advising Coty.
Brunswick managing partner Steve Lippin is an advisor to Avon.
Coty’s offer is a 20% premium on Avon’s Friday closing price.
New York-based Avon, the largest direct seller in the world with operations in 100 countries, has annual revenue of $11 billion. A key asset is its 6.4M active sales reps. In December, the company stripped chairman/CEO Andrea Jung of the CEO title after an abysmal third quarter and the revelation that the SEC was investigating possible illegal contact with analysts.
Coty in Decemeber tapped Euro RSCG Worldwide PR for corporate communications.
Abernathy MacGregor and Euro RSCG are part of Havas. Brunswick is independent.