Avon Carves Out North American Biz Via $605M Cerberus Deal
This article was originally published in The Rose Sheet
A $605m investment gives Cerberus Capital Management an 80% controlling interest in Avon North America, which will become its own privately held company under the recently announced deal, plus a 16% in the direct seller's remaining business. Some analysts are dubious that the move is sufficient, while activist investor Barington Capital opposes the deal, maintaining that Avon would be better served to go forward with fresh top-level management and Barington's proposed stabilization plan.
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