- Revolution Bars has received a merger proposal from Deltic, a late-night operator in the UK.

Deltic, which was acquired by shareholders out of the administration of Luminar, its predecessor firm, has 57 clubs operating under the PRYZM, Bar&Beyond, Steinbeck&Shaw, ATIK and Fiction brands.

Revolution announced on 31 July an offer by Stonegate Pub Company to acquire the entire issued and to be issued share capital of Revolution at 200p per share. Deltic said this would be a disappointing outcome and merely return to its shareholders the same value of the business as at its 2015 IPO.

Deltic said a combination of its business with Revolution would transform the scalability of the enlarged group, provide scope for material synergies and enable the operational issues within Revolution to be better addressed.

Revolution said it does not wish to engage in discussions with Deltic on this basis.

In accordance with The City Code on Takeovers and Mergers, the deadline for Deltic either to make an announcement pursuant to Rule 2.7 of the Code regarding its entry into a transaction, or to announce that it does not intend to enter into such transaction, shall be no later than 5pm on 12 September 2017.

At 9:08am: [LON:RBG] Revolution Bars Group Plc share price was +8.38p at 182.38p

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