Coty withdrew its sweetened $10.7 billion offer for Avon Products, saying the cosmetics seller refused to negotiate.
“This continued delay and unwillingness to engage in discussions is disappointing and certainly not a constructive way to proceed,” Coty Chairman Bart Becht said in a letter to Avon’s board of directors, which was released in a statement. “It is time for Coty to move on and pursue other opportunities.”
Avon last month rejected a $10 billion offer from Coty to pursue a turnaround under new CEO Sheri McCoy.
Avon shares rose 3.8 percent to $20.96.