They should do what Fortune Brands did and sell off the 3 divisions. There are no synergies between Fasson, Office Products and RIS. I would expect you could find buyers for each. Good bye Avery as we know it today.
If that is the case, PE firms should buy AVY and sell off the office and RIS divisions, keep the Fasson, after a year or two cost cutting and better growth from India and China, do an IPO again with the higher valuation for the better growth and higher profit margin Fasson, but I still think 3M is the suiter if there is buyout on the way(IMHO).
After thinking over for few days, MMM may buy AVY for $55 or more per shares, to eliminate a compatitor and gain AVY's leading PSM markets, especially for India and China markets. If the buyout happens, it reminds me BUCY buyout last NOV 15, BUCY canceled GS industry CC for NOV 2-3 on NOV 1, and buyout news came on NOV 15. AVY canceled JP morgan CC for Jun 7-8 on May 25, let's see if AVY can be sold in next two weeks, hope AVY repeats like BCUY did last Nov.
More likely they cancelled because they had a sudden business or earnings issue that needed to be addressed. It's more likely a piece of bad news coming, than good news, therefore. That's another example of why buying or selling on rumors is a fool's errand and experienced investors don't do that.