Richmont Holdings eyes Avon Products: report
12 Apr 2012
Richmont Holdings, which failed to buy Avon Products Inc in the late 1980s, is structuring a takeover bid for the beauty products company, the Fortune magazine yesterday reported.
The report comes barely 10 days after Avon rejected a $23.25 per share or $10-billion unsolicited takeover offer from Coty Inc, the world's largest fragrance company.
Richmont Holdings founder John Rochon, the former CEO of Mary Kay cosmetics company, which was once Avon's largest shareholder, is structuring an offer for Avon, but the magazine did not give details of the potential offer.
Fortune said that Rochon's quest to acquire Avon started in the late 1980s and ended in the early 1990s.
While Richmont was once Avon's biggest stockholder, it has sold its shares in the New York-based company that sells its products to women in more than 100 countries.
Plano, Texas-based Richmont Holdings is a private, family-owned company that has been in business for 25 years. Its activities include ownership of operating companies, as well as active and passive investments.
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