NEW YORK ( TheStreet) -- Beauty company Coty submitted a non-binding proposal to buy Avon Products for $23.25 a share in cash, or about $10 billion. "Following extensive but unsuccessful attempts to engage Avon in discussions regarding its proposal, Coty has decided to make its proposal public in order to inform Avon's shareholders of the significant value in a transaction. Coty said it has no intention of pursuing an acquisition on a hostile basis," Coty said in a statement on Monday. Coty said the proposal is a premium of 27% over the three month volume-weighted average price for Avon. Avon shares closed Friday at $19.36 a share.
Activist investor Mitarotonda steps up his insurgency campaign at the woman's retailer with a 10-page letter while University of Delaware's Charles Elson raises concerns about a company director nominee