SOURCE: Shareholders Foundation, Inc.

Shareholders Foundation, Inc.

April 09, 2012 09:35 ET

Avon Products, Inc. (AVP) Investor Lawsuit Over Buyout Offer Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Apr 9, 2012) - The Shareholders Foundation, Inc. announces that an investor filed a lawsuit in State Court for current stockholders of Avon Products, Inc. (AVP) against directors of Avon Products, Inc. over their alleged utter refusal to properly consider the proposed takeover of Avon Products, Inc. by Coty Inc. for $23.25 per share.

If you purchased shares of Avon Products, Inc. (AVP) prior to April 2, 2012 and currently hold any of those AVP shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

On Monday, April 2, 2012, Coty Inc. announced that it has submitted a non-binding proposal to acquire Avon Products, Inc. (AVP) for $23.25 per share in cash. Shortly after the announcement was made public the board of directors of Avon Products, Inc. rejected the offer.

According to the complaint the plaintiff alleges the defendants' actions are unreasonable, motivated purely by their own selfish interest in preserving their position on the board of directors. The plaintiff says that defendants rather than considering the premium being offered to shareholders or negotiating a higher bid, within an hour of receiving the bid flatly rejected the proposed transaction and the hasty rejection of the Proposed Transaction is not based on a good faith belief that negations with Coty are not in the best interests of the Company or its shareholders.

AVP shares jumped after the takeover announcement on April 2, 2012 to $22.97 and closed on April 5, 2012 at $23.42 per share.

Those who currently are investors in Avon Products, Inc. (AVP) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108