Business Week reports: Shares of Avon Products Inc. fell almost 10 percent Tuesday after the smaller beauty products maker Coty Inc. dropped its $10.7 billion takeover bid.
A major takeover bid came to a conclusion when the smaller cosmetics company, Coty, withdrew its bid to acquire Avon, one of the world’s largest cosmetics company. Avon is also the largest direct sales company in the world. Had the acquisition proceeded, it would have a profound impact on the direct selling and network marketing industry.
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