Urbium has rejected a fourth and final offer by Regent Inns to buy the company.
The Tiger Tiger owner, which has the majority of its bars in London's West End, said the latest improved offer from Regent was still not in the interests of its shareholders.
Chairman John Conlan said: "Urbium is keen to bring this process, which is disruptive to its business, to a conclusion in the shortest possible timescale."
Regent's improved offer valued each Urbium share at 975p, with cash making up 45% of the deal and a proposed share issue the rest.
This represented a 54% premium over the closing price of 635p on 7 June, the last business day prior to the start of the current offer period.
Ivell, who is steering Regent down the acquisition path in an attempt to boost its presence on the high street, said acquiring Urbium would make sense for both sets of shareholders in the increasingly tough high-street sector.
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