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Major shareholder explores strategic options for Revlon

MacAndrews & Forbes Holdings Inc., which owns 87.2% of Revlon Inc., is exploring strategic transactions for the cosmetics company, according to a filing with the SEC on Aug. 15.

MacAndrews & Forbes disclosed that it has hired an external financial adviser to help with the process.

The news comes after Goldman Sachs Group Inc. confirmed in a Bloomberg News report that it has been hired by Revlon. The company declined to provide further details.

MacAndrews & Forbes added that there is no assurance that the exploration will result in a transaction. It said it has not formed a specific plan or proposal on the matter.