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Revolution Beauty shares spike as Frasers mulls potential bid
(Sharecast News) - Revolution Beauty shares spiked on Monday after it was confirmed that Mike Ashley's Frasers Group was one of a number of parties conducting considering a purchase of the cosmetic retailer.
The stock was up 20% at one point before settling back for a gain of 10% after it emerged that Frasers was "one of a number of parties conducting due diligence" on the business.
Revolution last month announced plans to raise fresh funds and on May 21 said it had received a takeover approach from an unnamed bidder sending its shares soaring by 36% as the board said it would now be "appropriate to investigate" a sale.
Bidders have until June 11 to put forward their interest.
"There can be no certainty that Frasers' interest will result in a firm offer for the company," Revolution told shareholders in a filing on Monday. "Further updates will be provided if and when appropriate. Shareholders are advised to take no action at this time."
The Aim-listed firm listed in 2021 but its market capitalisation is now only £20m after it share price tanked 66% over the past year. It has also been investigated over accounting issues and 27% shareholder Boohoo, which called for Revolution's leadership team to be replaced.
Reporting by Frank Prenesti for Sharecast.com
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