Frasers revealed as potential bidder for Revolution Beauty

(Sharecast News) - Revolution Beauty confirmed that Mike Ashley's Frasers Group was one of a number of parties conducting due diligence as part of plans to sell the cosmetic retailer, adding that there was no certainty it would result in a firm offer. The company 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.

Reporting by Frank Prenesti for Sharecast.com