Revolution Bars and Stonegate Pub Company move one step closer to £100m merger

 
Helen Cahill
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There has been a bidding war over Revolution Bars (Source: Getty)

Revolution Bars is moving closer to a merger with Stonegate Pub Company, announcing today that shareholders will meet in October to approve the deal.

Slug & Lettuce owner Stonegate approached Revolution Bars at the end of July, offering 200p per share for the chain, which valued the company at around £100m.

But, since then nightclub operator Deltic Group proposed a merger, just weeks after Stonegate made its move.

Read more: Revolution Bars battle sends shares higher as Deltic isn't backing off yet

Deltic Group said that if Stonegate succeeded, the results would be "disappointing" for Revolution, since it was offering the price at which the firm floated in 2015.

However, Revolution turned down Deltic Group's advance, saying it "did not see any merit in the proposal", and that it would continue to engage with Stonegate.

At the end of August, Stonegate and Revolution said they were moving forward with the deal, which Stonegate said offered a 62 per cent premium on Revolution's share price (although the bidding war has since caused shares to jump up).

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