Deltic acquires 3% stake in Revolution Bars

Late-night bar and club operator Deltic Group has purchased 1,500,000 shares in Revolution Bars, amounting to a 3% stake in the company.

Although Deltic would not confirm the value of the shares, on the day it bought them (Tuesday 28 November) the price ended the day at 153p - making the deal worth around £2.3m.

This comes after months of back-and-forth offers between Deltic, Stonegate and Revolution which started in August after Revolution Bars initially rejected Deltic's advances and agreed a £100m takeover offer from Stonegate.

Deltic said the offer "significantly undervalued" the business.

Deltic was given until 5pm on 10 October to announce a firm intention to make an offer for Revolution, or announce that it did not intend to make an offer.

It withdrew its offer on 11 October after Revolution directors advised shareholders that they would vote in favour of a rival offer from Stonegate in the absence of a firm cash offer from Deltic.

However, Stonegate walked away after Revolution's shareholders rejected a £101.5m takeover offer.

Earlier this month, Deltic reported a 9.1% increase in like-for-like sales to £16.4m following a record breaking Halloween where admissions to its 57 clubs and bars throughout the UK increase by 6.4% to 1.3m people.

In accordance with takeover panel rules Deltic is unable to comment.

Deltic reveals Revolution merger proposal terms >>

Stonegate walks away after Revolution Bars Group shareholders reject £101.5m offer >>

Revolution Bars agrees Stonegate's £100m takeover offer >>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs