Reuters: Global Markets: Avon shares up after saying to consider Coty bid

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Avon shares up after saying to consider Coty bid May 14th 2012, 11:31 Mon May 14, 2012 7:31am EDT (Reuters) - Avon Products Inc (AVP.N) shares rose 4 percent in premarket trading on Monday, the day after the cosmetics company said it would consider a takeover bid from Coty Inc COTY.UL. Avon said on Sunday that it expected to respond to Coty within a week, after rejecting prior offers. Avon's saying it will consider Coty's offer raised hopes on Wall Street that a deal could happen, although some skepticism remained. "We are not fully convinced that a deal will necessarily occur given Avon's history of missteps and Coty's justified caution," said Bernstein Research analyst Ali Dibadj. "We would expect Avon's step in breaking the stalemate to provide some (at least short term) relief to the stock." Avon shares rose to $21 in premarket trading on Monday, up 4 percent from their close at $20.19 on Friday on the New York Stock Exchange.

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