Deltic withdraws offer for Revolution Bars Group
Deltic has withdrawn its offer of a merger with Revolution Bars Group after the group's board refused to engage in time to meet yesterday's 5pm deadline.
On Monday Revolution directors advised shareholders that they vote in favour of a rival offer from Stonegate in the absence of a firm cash offer from Deltic.
Having missed the deadline to make an offer, Deltic now blames the directors for refusing to discuss the deal.
In a statement, Deltic and its holding company Ranimul said: "It is not possible to implement the revised merger proposal without the full engagement and agreement of the directors of Revolution which, as at the date of this announcement, has regretfully still not been forthcoming."
Revolution has resisted Deltic's advances, which it said would burden the enlarged group with a significant debt burden, instead agreeing to a £100m takeover offer from Stonegate.
Deltic added that if the Stonegate offer was withdrawn or lapsed, shareholders should encourage the Revolution board to engage.
Revolution tells Deltic ‘make us a firm cash offer' >>
Deltic reveals Revolution merger proposal terms >>
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