Revolution Bars Group's Board has rejected Deltic's merger proposal to takeover the chain, but Deltic has stated that the Stonegate offer undervalues Revolution.
Deltic must 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 by 5.00pm on 10 October 2017.
Deltic is to publish its own profit forecast and a quantified financial benefits statement in respect of a merger, the timing of which will be dictated by the publication of Revolution's full year results, which are expected on 3 October, 2017.
In the meantime, Deltic continues to evaluate a possible cash offer for Revolution.