Deltic attempts to pry Revolution Bars from the hands of Stonegate
REVOLUTION BARS
£0.02
17:35 03/05/24
Night club operator Revolution Bars has rejected a proposed merger with competitor Deltic Group.
Formed from the ruins of dismantled late night business Luminar, Deltic is seemingly trying to keep Revolution away from yet another competitor, the Stonegate Pub Company, which is allegedly preparing to make a 200p per share offer for Revolution Bars.
Deltic's management sees an enlarged group of it and Revolution to be run by Deltic's current management team which Revolution has rejected.
It believes the combined enterprises would "transform the scalability of the enlarged group, provide scope for material synergies and enable the operational issues within Revolution to be better addressed through Deltic's management team taking responsibility for both businesses, creating a powerhouse group in its sector that can exploit further opportunities to both expand and consolidate the market."
Revolution announced that it is not prepared to discuss the proposal, leading Deltic to go public with its suggestion.
Deltic has until close of business on 12 September to make a formal offer or leave the table.
Revolution shares had jumped 4.20% to 181.31p as of 1030 BST.