Bart Becht, chairman of the board of directors at Coty Inc., has issued another letter to Avon’s board members, expressing Coty’s continuing interest in purchasing the financially struggling and scandal plagued global direct seller.
In the publically released document, Becht says Coty’s board has spent much time listening to Avon’s shareholders and analyzing information, and continues to feel that its proposal would offer value to all involved.
He expressed disappointment in the lack of action on Avon’s part and upped Coty’s offer subject to due diligence. He requested that Avon respond to the new offer by May 14.
The pursuit, in general, has a limit. Becht said Coty would be willing to work with them until the end of May “to see if we have a mutually agreeable basis for a transaction.”