Photo: Flickr/Rachel Davies
Fragrance leader Coty has increased its bid on beauty firm Avon to $23.25, valuing the takeover target at nearly $10 billion. The new offer is a dollar higher than a previous takeover attempt Coty had made.
Coty says that it has attempted to engage Avon in talks and that it is not interested in a hostile takeover.
Shares in Avon rallied more than 24 per cent higher in pre-market trading to $24 on the news.
Coty is substantially smaller than the company it hopes to take over, logging sales of $4.1 billion during its last fiscal year. Avon reported top line results of $11.3 billion in 2011.