When selling lipstick door to door, persistence pays. Ditto when trying to buy the company. After proposing three times in private last month, Coty, a large maker of scent, made a public offer for Avon, the world's biggest direct seller of cosmetics, on April 2nd. Andrea Jung, Avon's boss, swiftly rejected it. "Coty's indication of interest substantially undervalues Avon and is opportunistically timed," said Avon's board. Coty is offering to pay about $10 billion, a 20% premium over Avon's closing share price on March 30th. The board of Avon scoffs that this is too little, and in any case not a real offer.
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