Revolution Bars has agreed to a raised takeover offer of £101.5m from Stonegate Pub Company. Revolution's board of directors has been advised by Numis so far, and said they considered the terms of the offer 'to be fair and reasonable'.
Stonegate, the fourth largest managed pub company in the UK, has 689 sites. Revolution has 68 sites, mostly under the Revolution brand but also a growing number of Revolución de Cuba Latin America-themed bars.
However, rival bidder Deltic is still in the game. The nightclub operator stated today that although Revolution did not see any merit in progressing the Deltic possible merger proposal, believing that a combination of the two firms was not in the best interest of Revolution shareholders at that time, Deltic has been granted due diligence access, which it is currently undertaking with a view to formalising its possible merger proposal including an analysis of synergies.
Deltic confirmed that it is also evaluating a possible cash offer for the entire issued and to be issued share capital of Revolution.