Richmont Holdings, a former shareholder of Avon Products Inc, is preparing a takeover offer for the beauty products company that rejected a $10 billion offer from a smaller rival earlier this month, the Fortune magazine reported. Richmont Chairman John Rochon had unsuccessfully tried to purchase Avon in the late 1980s, Fortune said.Rochon's group was once Avon's biggest shareholder but it ultimately sold its stake, according to Richmont's website.Richmont and Avon did not immediately respond to requests for comment.Avon, struggling with falling sales and a regulatory probe, rejected a takeover offer from smaller rival Coty Inc, and named a new CEO earlier this month.
Avon Products, Inc. (Avon) is a manufacturer and marketer of beauty and related products. Shares of AVP remained unchanged at $22.22. In the past year, the shares have traded as low as $16.09 and as high as $31.60. On average, 7201950 shares of AVP exchange hands on a given day and today's volume is recorded at 106500.
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