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Nightclub operator rebuffs rival's merger offer Revolution Bars rebuffs merger offer from Deltic
(about 2 hours later)
Nightclub operator, Revolution Bars has rejected a merger proposal from the rival Deltic Group whose brands include Pryzm and Steinbeck & Shaw. Revolution Bars has rejected a merger proposal from nightclub operator Deltic Group, whose brands include Pryzm and Steinbeck & Shaw.
Deltic said the two firms together would create a "powerhouse group", listed under the Revolution name.Deltic said the two firms together would create a "powerhouse group", listed under the Revolution name.
But Revolution said Deltic's offer was "not in the best interests of shareholders at this time".But Revolution said Deltic's offer was "not in the best interests of shareholders at this time".
It is continuing talks about a £200m takeover by Slug and Lettuce owner Stonegate It is continuing talks about a £200m takeover by Slug and Lettuce owner Stonegate.
However, Deltic said Stonegate's bid was "opportunistic" after Revolution's share price dropped due to a profit warning earlier this year.However, Deltic said Stonegate's bid was "opportunistic" after Revolution's share price dropped due to a profit warning earlier this year.
'Expand and consolidate''Expand and consolidate'
Revolution, which owns more than 60 high street bars, suffered a sharp drop in its share price in May after it said it was facing "well published sector cost headwinds". Revolution, which owns more than 60 High Street bars, suffered a sharp drop in its share price in May after it said it was facing "well published sector cost headwinds".
It said profits had been hit by the Living Wage, new apprenticeship levy and above-inflation increases in business rates.It said profits had been hit by the Living Wage, new apprenticeship levy and above-inflation increases in business rates.
In July it said terrorist attacks in Manchester and London also briefly hit night time trade. In July, it said terror attacks in Manchester and London also briefly hit night time trade.
Deltic, which has 57 clubs including the Pryzm, Bar & Beyond, Steinbeck & Shaw, Atik, and Fiction brands, said teaming up with Revolution would allow the enlarged group to "both expand and consolidate the market".Deltic, which has 57 clubs including the Pryzm, Bar & Beyond, Steinbeck & Shaw, Atik, and Fiction brands, said teaming up with Revolution would allow the enlarged group to "both expand and consolidate the market".
But Revolution said after meeting representatives from Deltic, the board had "concerns over both the value and deliverability of the combination and did not see any merit in progressing their proposal".But Revolution said after meeting representatives from Deltic, the board had "concerns over both the value and deliverability of the combination and did not see any merit in progressing their proposal".
It said it would continue in talks with Stonegate which has offered 200p per share and has until 28 August to make a formal bid for the company.It said it would continue in talks with Stonegate which has offered 200p per share and has until 28 August to make a formal bid for the company.
Stonegate's deal values Revolution at the same price it achieved when it joined the Stock Exchange in 2015. Stonegate's deal values Revolution at the same price it achieved when it joined the stock exchange in 2015.