Alliance Boots opens store No. 200 in Thailand
LONDON — Alliance Boots has continued to expand its presence in the global marketplace by opening its 200th store in Thailand.
The international pharmacy-led health and beauty group said the store — which was inaugurated by executive chairman Stefano Pessina, pharmaceutical wholesale division CEO Ornella Barra and health and beauty division CEO Alex Gourlay on Tuesday — is located in central Bangkok. Alliance Boots opened its first Boots store in Thailand in 1997, the company said.
"We are proud that Boots Thailand has become one of the largest health and beauty pharmacy chains in the country," Pessina said. "This opening is an excellent illustration of our ambition to make Boots a global brand and Alliance Boots a significant player in Asia. I am convinced that the group’s presence and achievements in Thailand will be a great asset for our further expansion in the region."
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ECRM announces construction of Charlie Bowlus Technology and Innovation Center
SOLON, Ohio — ECRM announced that a state-of-the-art center will be built in honor of its late leader Charlie Bowlus.
The Charlie Bowlus Technology and Innovation Center, which currently is under construction, is being built in a public charter school in Cleveland and is set to open this fall in the Cleveland Public School District, ECRM president Mitch Bowlus said, who will fund 100% of the costs for this center.
Charlie Bowlus, who passed away last August at the age of 64, had a great passion for technology and innovation, but his passion was that much greater for helping others, Mitch Bowlus said. "This donation on behalf of my father will enable these kids, year after year, to have access to technology that would otherwise be unavailable to them," he said. "Undoubtedly, some of these kids will discover skills and develop a passion for technology and innovation that will forever change their lives in a positive way, a result I am convinced would make my dad most proud."
Visitors to the center will find a photograph of Charlie Bowlus, as well as a biography of his life on display as they enter the facility. The center also will be open after hours and weekends to allow parents, as well as others in the community, to utilize the resources to ultimately better their own lives, ECRM said.
"I feel that I have partnered with the ideal charter organization and school for the first center named after my father," Bowlus said. "An aspect of this particular school that really appealed to me was the emphasis on entrepreneurship — all kids must take classes in this area which is unique from all of the opportunities I considered."
For more information on how you can help, contact Mitch Bowlus at [email protected].
So Awesome Mitch! Your Father is so proud of you! DeeDee
Coty proposes to acquire Avon
NEW YORK — Coty announced on Monday that it has submitted a nonbinding proposal to acquire Avon in a deal valued at about $10 billion; however, Avon has rejected the unsolicited bid.
Coty has submitted a nonbinding proposal to acquire Avon for $23.25 per share in cash. The proposal, valued at approximately $10 billion, represents a substantial premium of 27% over the three-month, volume-weighted average price for Avon shares, Coty stated.
Coty stated that it has no intention of pursuing a hostile takeover but is making its proposal public in order to inform Avon’s shareholders of what it believes is “significant value” in a transaction.
“Our objective is to engage in discussions with Avon and conduct due diligence so that we and Avon can together determine if there is a basis for a transaction. We believe Avon’s shareholders would want their board to explore with us the benefits to shareholders of a transaction," stated Bart Becht, chairman of the board of directors of Coty.
Coty stated the combination would create a “new strong” company in beauty to be called "Avon-Coty." The combined company would benefit from complementary category strengths, Coty stated. Coty has a solid foothold in fragrances and nail products, while Avon has more core strength in color and skin and body products. Coty’s approach to innovation, branding and execution would be used and targeted to deliver innovative products across all beauty categories for "Avon-Coty,” Coty stated.
Furthermore, Avon has a strong presence in emerging markets, with more than 68% of its revenues coming from these markets. Many of the beauty categories in these markets are dominated by "door to door" distribution. Coty stated that, while many of Coty’s brands already have good levels of awareness in many of these markets, they are not widely available for sale at this point in time because of lack of Coty infrastructure. Distribution of Coty mass beauty brands via Avon’s "door to door" distribution channel would, therefore, create new and attractive growth and earnings opportunities for "Avon-Coty" and its 6.4 million account representatives.
Avon, however, stated in response that, “Coty’s indication of interest, which offers Avon shareholders a 20% premium over the company’s closing share price on March 30, 2012, does not reflect the fundamental value of Avon and its global beauty care franchise. Indeed, the indication of interest represents a multiple of only 1.1 times Avon’s net revenue for the fiscal year ended Dec. 31, 2011, and 8.7 times 2011 EBITDA. This is significantly below multiples that the board of directors believes an iconic consumer company is worth in a change of control transaction.”
Avon also stressed that it is committed to hiring a new CEO and that with a new CEO there is a “greater opportunity to improve shareholder value in excess of Coty’s conditional indication of interest.”
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