The portion of shareholders who withheld votes to re-elect Avon Products Inc. (AVP:US) Chairman Andrea Jung to the retailer’s board jumped more than fivefold to 14 percent of the shares outstanding this year, according to a company filing.
About 60.7 million shareholders withheld votes for Jung, compared with about 11 million, or 2.5 percent, last year, according to regulatory filings. All of Avon’s directors up for election were reinstated at the New York company’s annual meeting last week.
Shareholders had until the company’s May 3 meeting to vote on candidates and proposals, after Coty Inc. announced a $10 billion offer to buy the world’s largest door-to-door seller.
Avon shares dropped 3.3 percent to $20.89 today at the New York close after Coty raised its offer to acquire the world’s largest door-to-door seller to about $10.7 billion, or $24.75 a share, from its previous bid of $23.25. The shares closed 16 percent below Coty’s latest offer, suggesting investors aren’t convinced the bid will succeed.
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