Pub firm Stonegate appears to have given up on its attempts to take over rival Revolution Bars Group after Revolution’s shareholders rejected a £101.5m takeover offer.
Revolution originally agreed an offer from Stonegate in August this year and then rejected a counter-proposal from nightclub and bar firm Deltic, which hoped to strike a merger deal with Revolution instead.
Deltic withdrew its offer last week, stating that Revolution’s board had refused to engage in time to meet a 5pm deadline on 10 October by which Deltic would have needed to make a firm offer.
Instead, Revolution’s directors advised shareholders that they voted in favour of Stonegate’s rival offer.
However, it emerged in an announcement earlier today that nearly 54% of Revolution’s shareholders voted against the deal, causing Stonegate’s offer to lapse.
Responding to the news, Stonegate chairman Ian Payne said: “Stonegate has always been disciplined in its approach to acquisitions. We put forward what we believed to be an attractive proposal and made an offer at a 62% premium to the undisturbed share price which was unanimously recommended by the board. However, we respect the shareholders’ decision and wish them all the best.”
In a separate announcement, Deltic Group said it noted “with interest” the result of the vote.
Having withdrawn its offer, Deltic is restricted from making another offer for Revolution for six months under stock market rules, unless Revolution’s board of directors agrees to waive the restrictions, or a third part announces a firm intention to make an offer.
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