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Coty has upped its bid for Avon to around $10.7bn with Warren Buffet’s Berkshire Hathaway joining the group that will finance the offer. The new bid price of $24.75 a share is a 6.5% increase on Coty’s previous bid of $23.25 for the company which it put forward last week.

In a letter to Avon’s board of directors, Coty chairman Bart Becht asked for a response from Avon by close of business on Monday 14 May and said that Coty will withdraw its proposal if it has not heard from Avon by then.

“When we contacted you again last week, you advised us that Avon’s Board of Directors was not prepared to engage in any discussions regarding any revised proposal until Avon had completed a strategic and operational internal review with its new ceo,” the letter from Becht said.

“While we understand Avon’s interest in conducting such a review given the significant challenges and uncertainties in your recent analyst call, this review can and should be done in parallel with exploring the strategic alternative of selling the company so the Board may compare both proposals side by side and make the right choice for Avon shareholders.”

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