Revolution Beauty in 'ongoing engagement' with several parties over sale process

(Sharecast News) - Revolution Beauty said on Thursday that the formal sale process announced in May continues to progress, with "ongoing engagement with a number of parties". In a brief statement in response to press speculation, Revolution said: "As previously announced, the company continues to advance its engagement with its shareholders, including in respect of a potential equity raise."

It added that further announcements will be made as appropriate.

The statement came after Reuters reported that Revolution had rejected a takeover offer from specialist private equity firm True.

Reuters cited sources as saying that True was the only company to submit a bid for the firm. However, the offer was seen as undervaluing the company.