A few months ago Coty and Avon were all over M&A news. Now Coty have withdrawn their offer because of Avon’s lack of engagement in discussions. Do you think this was the right thing to do? It was a timeline of 2 months. This seems a bit unreasonable given it’s a $10.7bn deal and that many other deals have taken a longer time to put into motion e.g. Kraft/Cadbury.
“Your total lack of engagement with us leads us to believe that you remain reluctant to explore a friendly, negotiated combination on a reasonable timetable. Two months is enough.”
Coty has been on a buying spree, acquiring Philosophy, a personal care product line, and TJoy, a Chinese skin care company, in the last year.
Are Coty on a buying spree or just on an impatient buying spree? In general, do M&A deals need a lot of ‘pampering’ before they are actually pulled through?
Check Out This Article Here: http://dealbook.nytimes.com/2012/05/14/coty-withd…
Lots of pussyfooting around in the M&A space these days... Companies trying to snatch targets on the cheap and then when their bluff is called they withdraw.
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