Avon Products (AVP) is most certainly in play as news has broken that a new bid is likely to emerge as Richmont is attempting to raise financing. I think it would make sense for Avon to sell itself in the $27-30 per share range. Avon recently appointed Sheri McCoy to the CEO role which is encouraging but what is not encouraging is the presence of Andrea Jung after a disappoint tenure at the CEO position. It is difficult to assess what type of freedom and flexibility McCoy has in her role, but we hope that she will be willing to sell the company if she deems it to be in shareholders best interests.
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