NEW YORK, Dec. 17, 2015 /PRNewswire/ -- An investor group led by Barington Capital Group, L.P., including NuOrion Partners AG and certain other investors (the "Barington Group"), which collectively owns more than 3% of the outstanding shares of Avon Products, Inc. (NYSE: AVP), today released the following comment below regarding Avon's announced transaction with Cerberus Capital Management:
James A. Mitarotonda, Chairman and CEO of Barington Capital Group, L.P., stated "Cerberus clearly recognizes, like us, that Avon is an extremely valuable brand. The Avon board apparently does not – it has sold 80% of its North American business and a 16.6% stake in the Company at what we believe are 'fire sale' prices. While we are pleased that six existing board members have agreed to step down, we are astonished that Sheri McCoy remains as CEO. We intend to explore all available options."
Additional information about Barington's initiatives to unlock Avon's long-term value potential can be found at the following link: www.barington.com/avon.html
SOURCE Barington Capital Group