Avon considering Coty’s sweetened offer
NEW YORK — Avon Products on Sunday advised Coty that its board of directors, in conjunction with management and the company’s financial and legal advisers, is considering Coty’s sweetened bid.
Avon’s board expects to respond within a week.
In a letter dated May 9, Coty told Avon that, “in our final effort to move forward with discussions,” it was revising its proposal from to $24.75 per share from $23.25. “We are revising our proposal to $24.75 subject to due diligence and the other conditions. This price represents a premium of over 36% to the original undisturbed closing price on March 6, 2012, before our initial proposal of $22.25 and also represents over $1 billion of incremental value to your shareholders, despite a materially weakened outlook for your business,” Coty wrote in the letter.
Coty requested that Avon respond to the revised proposal by the end of business on May 14.
“If after due diligence our final proposal were to be unacceptable to you, we will simply indicate so in a mutually agreeable statement and part company as friends,” Coty stated in the letter.
Last month, Coty reaffirmed its interest in Avon after the company rejected the unsolicited bid valued at $10 billion.
Aquaphor sponsors New York City Triathlon
WILTON, Conn. — Beiersdorf’s Aquaphor brand is the new title sponsor of the New York City Triathlon.
This partnership, with race organizer Korff Enterprises, is a three-year agreement that includes naming rights, as well as a variety of marketing and promotional components for the Olympic-distance race.
More than 3,000 athletes from 44 states and 10 countries will compete in the 2012 Aquaphor New York City Triathlon on July 8, 2012. The race includes a 1.5-kilometer swim in the Hudson River, 40-kilometer bike on the Henry Hudson Parkway and 10-kilometer run in Central Park.
As title sponsor, Aquaphor will help participants prepare and/or heal their skin during the event. The company will sponsor some of the race’s most popular elements — including the Diaper Derby, athlete expo and finishers’ area — and provide its Aquaphor Healing Ointment and Lip Repair products to participants and fans.
In addition, the company has announced that world champion athlete, author, host of ABC’s "Everyday Health" and Aquaphor Mombassador Laila Ali will compete in this year’s Aquaphor New York City Triathlon. In the weeks leading up to the event, Ali will train for the swim, bike and run under the guidance of the Carmichael Training Systems and share training and skin care tips with athletes and moms across the country. Fans also can follow Laila’s training on her Twitter and Facebook pages.
Remington supports i-Light Pro launch with new mobile app
MADISON, Wis., and RALEIGH, N.C. — Grooming products company Remington and software development firm Kadro Solutions have announced the release of the i-Light Pro mobile application for iPhone, Android and iPad, in conjunction with the U.S. release of Remington i-Light Pro Intense Pulsed Light hair removal system.
The i-Light Pro is an FDA-cleared, light-based system designed to provide professional hair removal results at home. By utilizing Kadro Mobile, the i-Light Pro product release is supported by a mobile application for an enhanced product purchase and ongoing user experience.
The i-Light Pro mobile application enables customers to use their iPhone, iPad or Android mobile device to track and manage treatments with the i-Light Pro; join the auto delivery program; purchase the i-Light Pro and additional cartridges from their mobile device; and review product information. In addition, by utilizing the mobile Tone Matcher, potential purchasers can review sample skin tones to determine if the i-Light Pro is an appropriate hair removal system for their skin color.