Lawson Products, Inc.

In a final letter to the Avon Products, Inc. Board of Directors, Coty Inc. states that it is withdrawing its $10.7 billion offer, concluding its high-profile effort to take over a larger rival.

In a letter sent to Avon's CEO Andrea Jung earlier this week, Coty Inc. encourages the Avon board to open negotiations.

The Avon Board believes that Coty's indication of interest is opportunistic and not in the best interest of Avon's shareholders.

Andrea Jung will continue as company chairman while the company conducts a search for new CEO.

The new executive's broad experience in developed and emerging markets is expected to be a significant asset as Avon continues to advance on its path to sustainable profitable growth.

The 10th annual Avon Foundation for Women Gala honored exceptional women and men for their efforts to end breast cancer and violence against women.