NEW YORK (TheStreet) -- Shares of Avon Products (AVP) were falling 6.6% to $7.63 following a report that no potential suitors are interested in buying the beauty products company or its North American business.
French competitor Coty (COTY) and some private equity firms were once interested in acquiring the company, but have since turned away, according to the New York Post. The companies were reportedly put off due to difficulty in financing an offer for Avon.
Coty previously offered to acquire Avon for $10 billion in 2012, but is now involved in the auction to buy Procter & Gamble's (PG) CoverGirl and Max Factor brands, according to the Post.
Reports of the lack of interest come a week after Avon reported poor first quarter results that missed analysts' expectations.
TheStreet Ratings team rates AVON PRODUCTS as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVON PRODUCTS (AVP) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."