Frasers Group PLC ‘is exploring a cut-price takeover bid’ for Revolution Beauty Group PLC, Sky News reported on Saturday.
Sky said it has learned that House of Fraser owner Frasers Group, founded by its former chief executive and ‘high street billionaire’ Mike Ashley, has approached branded cosmetics retailer Revolution Beauty about a potential offer.
‘Retail industry sources said this weekend that Frasers was considering whether to bid but was not certain to do so,’ Sky said.
Revolution Beauty announced the start of its formal sales process last month, and has said it received a takeover approach from another, unnamed third party, Sky noted.
‘It was unclear on Saturday whether Frasers intends to make a statement confirming its interest to the London stock market next week,’ Sky said, adding: ‘Any offer for Revolution Beauty is thought to be unlikely to ascribe a significant premium to its current valuation.’
It said spokespeople for Frasers and Revolution Beauty both declined to comment.
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