Frasers group won't bid for Revolution Beauty, but reserves right to rethink
Yet there were caveats and as is often the case with Frasers' acquisition activity, this may not be the end of the story.
In a brief stock exchange release headlined 'Statement of Intention Not to Make an Offer for Revolution Beauty Group plc', it said that it 'does not intend to make an offer for Revolution Beauty… [and] Frasers Group and any person(s) acting in concert with it will, except with the consent of the Takeover Panel, be bound by the restrictions contained in Rule 2.8 of the Code'.
Rule 2.8 of the UK Takeover Code restricts anyone who's said they have no intention to make an offer for a company from making another offer or acquiring shares in that company for six months.
But the Takeover Panel can grant dispensations from this rule and Frasers said it. 'reserves the right to set the restrictions in Rule 2.8 of the Code aside in the following circumstances: with the agreement of the board of directors of Revolution Beauty; following the announcement by or on behalf of a third-party of a firm intention to make an offer for Revolution Beauty; if Revolution Beauty announces a Rule 9 waiver proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); and if there has been a material change of circumstances (as determined by the Takeover Panel)'.
So as usual, we just need to watch and wait.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Euronews
2 days ago
- Euronews
EU's AI Code ready for companies to sign next week
Member states' formal approval of the Code of Practice for General Purpose AI (GPAI) could come as early as 22 July, paving the way for providers of AI systems to sign up, sources familiar with the matter told Euronews. It will be just days before the entry into force of the AI Act's provisions affecting GPAI systems, on 2 August. The European Commission last week presented the Code, a voluntary set of rules drafted by experts appointed by the EU executive, aiming to help providers of AI models such as ChatGPT and Gemini comply with the AI Act. Companies that sign up are expected to be compliant with the AI Act and are expected to have more legal certainty, others will face more inspections. The Code requires a sign off by EU member states, which are represented in a subgroup of the AI Board, as well as by the Commission's own AI Office. The 27 EU countries are expected to finalise assessment of the Code next week and if the Commission also completes its assessment by then too, the providers can formally sign up. The document, which was supposed to come out in May, faced delays and heavy criticism. Tech giants as well as publishers and rights-holders are concerned that the rules violate the EU's Copyright laws, and restrict innovation. The EU's AI Act, that regulates AI systems according to the risk they pose to society and is coming into force in stages beginning in August last year. Mixed reactions In the meantime, OpenAI, the parent company of ChatGPT, has said it will sign up to the code once its ready. 'The Code of Practice opens the door for Europe to move forward with the EU AI Continent Action Plan that was announced in April—and to build on the impact of AI that is already felt today,' the statement said. The publication drew mixed reactions, with consumer group BEUC and Center for Democracy and Technology (CDT) hesitant about the final version of the code. BEUC Senior Legal Officer, Cláudio Teixeira called the development a 'step in the right direction', but underlined that voluntary initiatives like the Code of Practice 'can be no substitute for binding EU legislation: they must complement and reinforce, not dilute, the law's core protections for consumers.' CDT Europe's Laura Lazaro Cabrera said the final draft 'stops short of requiring their in-depth assessment and mitigation in all cases.' 'The incentive for providers to robustly identify these risks will only be as strong as the AI Office's commitment to enforce a comprehensive, good-faith approach,' she said.
Fashion Network
6 days ago
- Fashion Network
Mulberry secures £20 million as sales fall 21% and transformation plan begins
British luxury brand Mulberry, renowned for its leather handbags, reported a 21% drop in annual revenue on Thursday and confirmed it had secured £20 million in funding — an amount it had previously targeted — with backing from its two largest shareholders, Challice and Frasers Group. The company's shares fell by approximately 5% following the announcement. Mulberry also announced that James France, an executive at Frasers Group, will join its board of directors as a non-executive director, effective 30 July — signalling a possible shift in governance as the brand pursues its transformation strategy. For the 52 weeks ended 29 March 2025, Mulberry recorded revenue of £120.4 million, down from £152.8 million the previous year. The brand also posted an underlying loss before tax of £23.7 million, slightly wider than the £22.6 million loss recorded the year prior. The newly secured capital will accelerate Mulberry's 'Back to the Mulberry Spirit' transformation plan, which aims to streamline operations, reduce costs, and close 12 underperforming stores across Asia. The brand also intends to reinforce its wholesale strategy by expanding partnerships with premium department stores in the U.K., U.S., and Australia. Mulberry expects to achieve £5.9 million in annualised cost savings. It has also secured £6.5 million in liquidity relief from HSBC UK, matched by a guarantee from Challice Limited, one of its major shareholders. For the nine weeks to 1 June 2025, the group's revenue declined by 18% year-on-year, with retail and digital sales falling by 17%. However, Mulberry noted early signs of stabilisation in key markets including the UK and North America. Chief executive officer Andrea Baldo is leading the brand's renewed focus on its British heritage, aiming to reconnect with loyal domestic customers. This heritage-driven repositioning forms part of a broader plan to drive revenue beyond £200 million and reach a medium-term adjusted earnings-before-interest-and-tax (EBIT) margin of 15%.
Fashion Network
6 days ago
- Fashion Network
Mulberry secures £20 million as sales fall 21% and transformation plan begins
British luxury brand Mulberry, renowned for its leather handbags, reported a 21% drop in annual revenue on Thursday and confirmed it had secured £20 million in funding — an amount it had previously targeted — with backing from its two largest shareholders, Challice and Frasers Group. The company's shares fell by approximately 5% following the announcement. Mulberry also announced that James France, an executive at Frasers Group, will join its board of directors as a non-executive director, effective 30 July — signalling a possible shift in governance as the brand pursues its transformation strategy. For the 52 weeks ended 29 March 2025, Mulberry recorded revenue of £120.4 million, down from £152.8 million the previous year. The brand also posted an underlying loss before tax of £23.7 million, slightly wider than the £22.6 million loss recorded the year prior. The newly secured capital will accelerate Mulberry's 'Back to the Mulberry Spirit' transformation plan, which aims to streamline operations, reduce costs, and close 12 underperforming stores across Asia. The brand also intends to reinforce its wholesale strategy by expanding partnerships with premium department stores in the U.K., U.S., and Australia. Mulberry expects to achieve £5.9 million in annualised cost savings. It has also secured £6.5 million in liquidity relief from HSBC UK, matched by a guarantee from Challice Limited, one of its major shareholders. For the nine weeks to 1 June 2025, the group's revenue declined by 18% year-on-year, with retail and digital sales falling by 17%. However, Mulberry noted early signs of stabilisation in key markets including the UK and North America. Chief executive officer Andrea Baldo is leading the brand's renewed focus on its British heritage, aiming to reconnect with loyal domestic customers. This heritage-driven repositioning forms part of a broader plan to drive revenue beyond £200 million and reach a medium-term adjusted earnings-before-interest-and-tax (EBIT) margin of 15%.
