The Board of Revolution Bars Group has stated it has carefully reviewed the revised merger proposal released on 9 October 2017 by The Deltic Group, and it does not believe that the proposal would create shareholder value in comparison to Stonegate Pub Group's offer.
The Board reiterates that it encourages Deltic to make a cash offer for Revolution rather than continuing to focus on its merger proposal.
Deltic must, by 5.00pm today, either announce a firm intention to make an offer for Revolution under Rule 2.7 of the Code, or announce that it does not intend to make an offer for Revolution.
The Board has recommended the cash offer from Stonegate. If shareholders approve this offer, the transaction is expected to become effective on 23 October 2017.