(Alliance News) - Frasers Group PLC on Thursday cooled its takeover interest in Revolution Beauty Group PLC.
The Sports Direct and Flannels owner ruled out a bid for the London-based cosmetics retailer. Frasers had earlier this month confirmed it was evaluating a possible all-cash offer for Revolution Beauty, which has been in a "formal sale process" since May.
Revolution Beauty noted the Frasers announcement. It said it "continues to have constructive engagement" with several other interested parties.
"Current discussions may be altered or terminated at any time and, accordingly, there can be no certainty that an offer will be made for the company, nor as to the terms on which any offer may be made," Revolution Beauty said.
In addition Revolution Beauty said it is continuing "positive engagement" with shareholders, including over an equity raise.
Revolution Beauty last week said it was speaking to shareholders about an equity raise.
Revolution Beauty in May reported it received a "preliminary approach regarding a possible offer". It followed the company announcing that it was reviewing its "funding structure"
"Revolution Beauty has a significant global distribution footprint in high street retailers and on renowned digital platforms, with the improved brand metrics and accelerating [new product development] pipeline, Management remains confident in the future growth potential of the company," it said at the time.
"While the board has confidence in the future medium-term prospects for the company, cash management has been tight and it is clear that the delivery of the strategy will benefit from a more robust capital structure with additional capital to invest into the company. As such, the Board has been actively reviewing the company's funding structure."
Frasers shares fell 1.5% to 673.00 pence each. Revolution Beauty slumped 20% to 6.12p. It has a market capitalisation of GBP21.7 million.
By Eric Cunha, Alliance News news editor
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Frasers Group (FRAS)
Revolution Beauty (REVB)
