Latest news with #RevolutionBeauty
Yahoo
20-06-2025
- Business
- Yahoo
Frasers Group steps back from Revolution Beauty bid
UK-based retailer Frasers Group has officially stated that it will not pursue an acquisition of cosmetics company Revolution Beauty. The update follows a previous notice regarding Frasers' involvement in the formal sale process. In a statement to the London Stock Exchange, Frasers declared that "the 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.' Revolution Beauty has indicated that it remains in discussions with several other potential buyers, though there is no certainty that any offer will materialise or under what terms. Revolution is also engaging with its shareholders about a possible equity raise, with further updates to be announced. In early June 2025, Frasers confirmed its interest in an all-cash bid for Revolution Beauty and had been part of the sale process. Revolution employs a strategy that encompasses multiple brands and categories, distributing its products directly to consumers through its brick-and-mortar stores and online platforms, and via wholesale partnerships. In May, Frasers disclosed the completion of its acquisition of Holdsport, following the fulfilment of standard regulatory requirements. The initial announcement of the acquisition plan took place on 26 November 2024. The group also provided an update regarding the compulsory offer for XXL ASA, stating that 'preliminary results indicate that Frasers has received acceptances that will result, on settlement and completion of the offer, in Frasers controlling more than 92% of the share capital and 90% of the voting shares of XXL'. "Frasers Group steps back from Revolution Beauty bid" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fashion United
19-06-2025
- Business
- Fashion United
Frasers Group drops out of Revolution Beauty race
Sports Direct owner Frasers Group has pulled out of the bidding race for Revolution Beauty. The retail giant said in a regulatory filing that it 'now confirms that it does not intend to make an offer' for the British cosmetics brand. Revolution Beauty launched its formal sales process last month after receiving a preliminary takeover offer for its entire issue and to be issued share capital from an unnamed party. Interested bidders could submit their interest by June 11, with it emerging that Frasers was among 'a number of parties' to have done so. Revolution Beauty noted Frasers' latest announcement in its own statement, adding that it 'continues to have constructive engagement with a number of other interest parties', yet there was 'no certainty that an offer will be made'. The company is also continuing to discuss options with its shareholders, including a potential equity raise. Frasers' initial pursuit was notable given that Revolution Beauty's largest shareholder is Debenhams Group, formerly Boohoo Group, a long-standing rival of Mike Ashley's conglomerate, which had attempted to takeover the fast fashion giant amid its restructuring last year. Debenhams, which owns a 27.09 percent stake in Revolution, had assigned its own board member, Iain McDonald, to oversee the beauty brand's sales process. The Boohoo parent company enacted a boardroom takeover of Revolution back in 2023 following an investigation into the brand's financial results, which revealed a nine million pound inflation of sales.
Fashion Network
19-06-2025
- Business
- Fashion Network
Frasers group won't bid for Revolution Beauty, but reserves right to rethink
Retail giant Frasers Group said on Thursday that it won't be bidding for Revolution Beauty after having confirmed earlier this month that it was looking at a cash offer for the up-for-sale business. 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.
Fashion Network
19-06-2025
- Business
- Fashion Network
Frasers group won't bid for Revolution Beauty, but reserves right to rethink
Retail giant Frasers Group said on Thursday that it won't be bidding for Revolution Beauty after having confirmed earlier this month that it was looking at a cash offer for the up-for-sale business. 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.
Daily Mail
19-06-2025
- Business
- Daily Mail
Mike Ashley's Frasers abandons Revolution Beauty takeover bid
Mike Ashley's Frasers Group has ruled itself out of the race to buy Revolution Group after the struggling beauty retailer put itself up for sale last month. Revolution Beauty launched a formal sale process in May after years of disappointing sales, a costly legal settlement with its co-founder and disputes with shareholders. The cosmetics firm, currently valued at less than £25million, has also seen the clearance of discontinued stock weigh heavily on its bottom line. Frasers was revealed to be among interested bidders earlier this month. The UK retail giant, which owns Sports Direct, has built stakes in several underperforming retail businesses in recent years, including THG, Asos, Boohoo and Mulberry. But Frasers said in a short statement on Thursday it does not intend to make an offer for Revolution Beauty. Revolution Beauty's sale process came after bosses warned investors it was reviewing funding options before the group's current £32million credit facility expires in October, driving shares to a record low. The group confirmed on 12 June it had 'received proposals from a number of parties', which it is 'currently evaluating and which may then result in further access to diligence materials being granted'. Responding to Frasers' decision on Thursday, Revolution Beauty said in a statement: 'The company continues to have constructive engagement with a number of 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. 'In parallel, the company is also continuing its positive engagement with its shareholders, including in respect of an equity raise.' Revolution Beauty shares opened 9 per cent lower at 7p on Thursday morning. They have lost more than half their value since the beginning of the year and are down more than 95 per cent since they listed on the London Stock Exchange at 170p in July 2021.
