Mike Ashley's Frasers Group PLC (LSE:FRAS) has said it does not plan to make an offer for Revolution Beauty Group PLC (AIM:REVB).
The cosmetics company put itself up for sale last month after receiving some initial expressions of interest, later saying a number of parties were conducting due diligence.
Sports Direct and House of Fraser owner Frasers announced that it was one of the companies taking a look but said it was far from certain that it would make a bid.
Today, the FTSE 250-listed group said it does not intend to make an offer, but said it could change its mind if a third party makes a swoop or there a "material change of circumstances".