Avon Rubber buyout talks fall through, share price drops

LONDON (Jan. 23)—Shares in Avon Rubber P.L.C. fell 18 percent in trading Jan. 22 after the British group announced that talks with an unnamed prospective buyer had been terminated. Avon said in October it had been approached about a buyout; that news spurred increased trading of Avon shares, doubling its share price in a few days. The share price has returned to near what is was before October. For fiscal 2001—year ended Sept. 29—Avon reported a restructuring-influenced $13.1 million net loss on sales of $401.2 million.