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(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.
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