I am in the process of replacing the income this generates in my portfolio. I have already bought the new position and am only waiting (hoping) for another rumor to cause a bounce to sell this. If the bounce does not occur in rather short order (a week or two, depending on overall market action) I will just take the losses in capital I have incurred to this point and move on, with hopes the new position makes them back at some point in the future.
I am just not willing to take the chance of a dividend cut, which a suspect is possible, but by no means certain. I also have simply had it with the BOD and suspect they are covering for Jung's mistakes at this point, and their own, having not replaced her long ago. It has reached the point I would not be surprised if they kept Coty out of the books to cover more serious problems than have been exposed to this point. I must admit however that I do not suspect the company will or has been damaged beyond repair and it is quite possible the new CEO can repair it. I am just not willing to wait it out for a few years, especially with any chance of reduced income, when so many other companies are not having issues and are raising dividends.
For disclosure, this stock has never been as much as 2% of my portfolio, so my decision to make the changes might be a bit easier to come too than those of others who have positions.
Just my two cents, GLTU on your decision here and with your other investments.
You are not alone in your thoughts. Unless these people on the board are completely dumb and incompetent (which I am not ruling out) their refusal to deal with Coty leads me to believe they have a better offer in the works. It would be a shame to walk away now only to find out that a $30 offer is on the table. Either way, Good luck!