Revolution Beauty Group PLC (AIM:REVB) has received a preliminary bid from an unnamed company and has launched a formal sale process to explore all potential strategic outcomes.
The make-up company said the process would include a broader review of its funding structure and strategic options.
The party making the approach has agreed to participate in the process, which is being managed by Panmure Liberum, with a deadline of any bids of 11 June.
To support the sale process, Iain McDonald, former THG director and founder of Belerion Capital, will be appointed non-executive chair, subject to due diligence. Current chair Alistair McGeorge will step down from the board.
The company noted that there is no certainty that any formal offer will be made or that a transaction will be concluded. An offer period has now started under the UK takeover code.