Frasers Group Plc (FRAS.L), a retail and intellectual property group, on Thursday confirmed that it does not intend to make an offer for cosmetics company Revolution Beauty Group PLC (REVB.L).
On the London stock exchange, Revolution Beauty shares were down 21.7 percent, at 6.02 pence.
Frasers Group shares were losing 0.9 percent to trade at 677 pence.
Following media reports, Frasers last week had confirmed its participation in the Formal Sale Process announced on May 21 for Revolution Beauty.
In a statement, the company now noted that Frasers and any one 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.
In its June 10 announcement, Frasers had stated that it any offer for the issued and to be issued share capital of Revolution Beauty would be all cash.
Previously, Revolution Beauty had confirmed that Frasers is one of a number of parties conducting due diligence as part of the formal sale process announced on May 21.
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