Coty Withdraws Proposal

Avon Products, Inc. has released a statement saying that it had responded promptly to Coty’s May 9th letter by disclosing it on May 10th and indicating that its board would consider the contents of the letter. Subsequently on May 13th, Avon’s board said it would respond to Coty’s letter within one week after considering it in conjunction with management and financial and legal advisors. On May 14th, five days after sending its letter, Coty withdrew its proposal,stating that it was frustrated with the failed attempt at talks and will pursue other interests.