Hair salon operator Regis Corp. has entered the M&A fray.
The public company, which owns or has an interest in more than 12,700 salons worldwide, is being auctioned off by investment bank Peter J. Solomon Co. Second-round bids are due today, according to a financial source.
Clayton, Dubilier & Rice — a private equity firm that counts former Procter & Gamble Co. chairman, president and chief executive officer A.G. Lafley as a special partner — is expected to submit a bid, the source said.
A spokeswoman for Peter J. Solomon and a spokesman for Clayton, Dubilier both declined comment Tuesday.
Regis, the largest operator of chain salons in the world, said on Aug. 4 that its board had authorized the exploration of strategic alternatives to enhance shareholder value. Since then, its shares have moved from $15.08 to a 52-week high of $21.49 on Nov. 5. They closed at $21.15 Tuesday, down 12 cents, or 0.6 percent.
Regis does business under trade names including Regis Salons, MasterCuts, SmartStyle, Supercuts and Cost Cutters and, in the hair restoration field, operates Hair Club for Men and Women.
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