Investment firm Richmont Holdings, a former shareholder of Avon Products Inc, is preparing a takeover offer for the beauty products company that rejected a $10 billion bid from a smaller rival earlier this month, Fortune magazine reported.Richmont Chairman John Rochon had unsuccessfully tried to purchase Avon in the late 1980s when he was the chief executive at privately held rival Mary Kay, Fortune said.Avon survived as an independent company after rebuffing that offer and another from cosmetics company Amway.Richmont, which was once Avon's biggest shareholder but ultimately sold its stake, has investments in sectors like banking, publishing and technology, according to its website.
Avon Products, Inc. (Avon) is a manufacturer and marketer of beauty and related products. Shares of AVP traded higher by 2.97% or $0.66/share to $22.88. 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 1583848.
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