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.
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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.
