(Sharecast News) - Retail conglomerate Frasers Group has walked away from the Revolution Beauty bidding process, just 10 days after confirming its interest.
In a statement to the market on Thursday, the Sports Direct and Evans Cycles owner confirmed that it "does not intend to make an offer" for the cosmetics and make-up ecommerce brand.
On 9 June, Frasers had confirmed its participation in due diligence as part of the sale process which kicked off in mid-May, as Revolution said it was reviewing funding options before a credit facility expires later this year. At the time, Frasers said that any potential offer would be for the full issued share capital and be all cash.
Now, Frasers' exit from the formal sale process means, under UK Takeover Panel rules, that it cannot return to the negotiating table for six months, unless it has full agreement from Revolution's board or there is a material change in circumstances.
Last Thursday, Revolution Beauty said it had received proposals from "a number of parties" and was evaluating the bids with its financial adviser, giving further access to diligence materials in some cases.
Revolution said it was also continuing "positive engagement" with its shareholders, including in respect of an equity raise, and is making progress on its cost structure and go-to-market strategy.
Frasers Group (FRAS)
Revolution Beauty (REVB)
