P. M. BRIEFING : Investor Offers $3 Billion for Avon
Avon Products Inc. today said investor Irwin L. Jacobs, who holds a stake in Avon stock, has proposed a possible acquisition of the cosmetics company for $41 a share, or nearly $3 billion.
Avon said it received a letter from Jacobs late Tuesday requesting a meeting to negotiate the deal.
James E. Preston, Avon’s chairman and chief executive officer, said Jacobs’ letter will be discussed at the board’s regular meeting Thursday. In a brief statement, Preston said he sent a letter to Jacobs informing him that the Avon board has repeatedly said the company is not for sale.
Earlier this year, the Avon board rejected a $39-a-share takeover offer from rival direct-selling company Amway Corp. and indicated at the time that it would resist future acquisition attempts.
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