Fragrance firm Coty has withdrawn its $10.7bn (£6.6bn) bid for Avon Products, saying the US beauty firm had taken too long to respond to its offer.
Coty raised its bid, first made in March, last week, but warned that it would withdraw if it did not receive a response by Monday night.
"Two months is enough," said Coty chairman Bart Becht.
Coty is behind perfumes for Lady Gaga, David and Victoria Beckham, Beyonce Knowles, and other celebrities.
Avon is best known for its beauty products sold door-to-door, by women popularly known as Avon ladies.
"Your total lack of engagement with us leads us to believe that you remain reluctant to explore a friendly, negotiated combination on a reasonable timetable," Mr Becht said.
Source & Image : BBC
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