LONDON, Nov. 13, 2019 /PRNewswire/ -- Avon Products,
Inc. (NYSE: AVP) ("Avon") today
announced that, at a special meeting held on November 13, 2019 in Suffern, NY, its shareholders approved the
previously announced proposed acquisition of Avon by Natura &Co Holding S.A. ("Natura
&Co"), a new holding company for Natura Cosméticos S.A. (B3:
NATU3) ("Natura Cosméticos"). More than 75% of Avon's shares outstanding, on an as-converted
basis, were voted in favor of the proposal to adopt the merger
agreement.
Jan Zijderveld, CEO of
Avon, said: "We are pleased that
our shareholders have strongly supported Avon's combination with Natura, and the move
to start an exciting new chapter for Avon as part of the world's fourth largest
pure-play beauty company. We will continue to work together with
Natura to gain the remaining approvals required to close the
transaction, while also independently executing our Open Up
turnaround strategy, driving pricing and productivity improvements
across our business, and restoring the relevance of our brand."
Under the merger agreement, based upon a fixed exchange ratio
of, at the election of each holder, 0.300 Natura &Co American
Depositary Shares or 0.600 Natura &Co shares for each share of
Avon common stock, Natura
Cosméticos' shareholders will own approximately 76% of the combined
company, while Avon common
shareholders will own approximately 24%.
The closing of the transaction is anticipated to occur in early
2020, subject to the satisfaction of customary closing conditions
and regulatory approvals.
About Avon Products, Inc.
For more than 130 years Avon
has stood for women: providing innovative, quality beauty products
which are primarily sold to women, through women. Millions of
independent Representatives across the world sell iconic Avon
brands such as Avon Color and ANEW through their social networks,
building their own beauty businesses on a full- or part-time basis.
Avon supports women's empowerment,
entrepreneurship and well-being and has donated over $1 billion to women's causes through Avon and the Avon Foundation. Learn more about
Avon and its products at
www.avonworldwide.com. #Stand4Her
(AV-IR)
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SOURCE Avon Products, Inc.