I saw a streetinsider note, CNBC mentioned it, i saw an analyst report mention the need for a "makeover" which is not just a play on the business AVON is in, but also a play on "takeover"
my guess: someone (perhaps even COTY) comes out with a bid in the 23 range
instead of taking it to the board, they bring it directly to shareholders
shareholders thought 24 was too low when AVP was at 18-19
they won't think 23 is too low now that they have seen 14
here is an interesting article i found right after COTY pulled their bid--the article said the reason COTY pulled the bid so quickly was because they wanted AVP to see the downside effects of not doing a deal. In other words, give them a taste of what life is like without the COTY buyout offer, and then once they see that pain, they will be a more willing seller. I agree 100% and have seen this play out with other M&A situations as well (TLB is a recent example).