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Avon Products said thanks but no thanks to a $10 billion buyout offer from Coty today. The offer was 20% premium to the closing price on Friday, but management thought it was too low. Avon noted that the deal values the company and 1.1 times Avon's net revenue for the fiscal year ended December 31, 2011 and 8.7 times 2011 EBITDA.

Management went on to say that Coty is attempting to obtain a "free look" at Avon in the absence of any commitment whatsoever to close a transaction at any price.

Consummation of this deal is just not likely, and brings to mind other big name deals that just didn't make it.

Being a tech guy, I recall the infamous Microsoft for Yahoo! deal that ended up rather poorly for Jerry Yang.

Another mega deal that was a mega dud, was AT&T for T-Mobile. A $5 billion breakup fee made the deal a winner for T-Mobile, but not so much for good old "'Ma Bell."

What are some other great "Deals that Weren't" that you can think of?

Zacks Releases Their 7 Best Stocks for May, 2014

These 7 were hand-picked from the list of 220 Zacks Rank #1 Strong Buys with earnings estimate revisions that are sweeping upward. Their stock prices are expected to rise sooner than the others.

Today, this Special Report is available to new Zacks.com visitors free of charge.

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DIXIE GRP IN DXYN 15.84 +7.90%
BOFI HLDG IN BOFI 85.30 +4.97%
RAMBUS INC RMBS 12.31 +4.41%
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NETFLIX INC NFLX 345.74 +4.32%