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M&A at a Glance
May 14, 2012
In April, we note that U.S. deal volume was up in all sectors, except for sponsor-related transactions. This uptick in activity was, however, due largely to the hostile bid for Avon by Coty (a subsidiary of Joh. A. Benckiser GmbH), which accounted for approximately 12% of April's announced U.S. M&A volume based on deal value at the time of announcement. Hostile deals can be difficult to execute, but this transaction may take the route of many a hostile deal and ultimately transform into a friendly transaction. Reports indicate that Avon's board has asked for a week's extension on Coty's May 14th deadline to consider the offer. It remains to be seen whether deal volume will continue its upwards trajectory as we enter the summer months.