Urbium, owner of Tiger Tiger, has snubbed a move by Regent Inns to buy its entire share capital because the "proposal significantly undervalued" the nightclub operator.
The unsolicited approach was felt by Urbium to rely too heavily on shares rather than cash, and was not thought to be of any strategic benefit.
Regent Inns owns the Walkabout and Jongleurs brands and has been headed by executive chairman Bob Ivell since October 2004.
Ivell joined the then struggling Regent on a mission to turn it around.
Recently, Ivell announced his plans to buy up rivals and consolidate the high-street pub sector.
Regent itself could be an acquisition target as Robert Tchenguiz holds a 13% stake in the company and has recently acquired Laurel Pub Company and Yates Group.
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