In March 2012, French beauty products manufacturer, Coty attempted a takeover of Avon Products, presenting an unsolicited $10 billion buyout offer. The bid was rejected by Avon shareholders, who believed that the company was worth more, stating that the monetary offer was way below the market value that would be feasible under the leadership of a new Chief Executive Officer. On April 9, 2012, just two weeks after the takeover was rejected, it was announced that McCoy was chosen to lead Avon Products as their new CEO, effective April 23, 2012.
