Private equity company Apollo Management is in discussions to buy Regis Corp. (RGS), a Minneapolis company that runs more than 12,000 hair salons, The New York Post said.

The discussions are not yet in their final stages and it is not certain the two parties will reach a deal, The New York Post said without naming its sources.

In August, Regis said it was seeking a buyer. It shares surged more than 30% following the announcement. The price later fell more than 10%.

Clayton, Dubilier & Rice, another potential suitor, may be losing interest in the deal. The company owns Sally Beauty and was previously a favorite to snap up Regis.

Regis finance director and head of investor relations Alex Forliti is leaving the company to join Polaris, a maker of snowmobiles and motorcycles.



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