Revolution Bars Group has agreed to a takeover offer from Slug & Lettuce owner Stonegate Pub Company that values the Greater Manchester-headquartered bar operator at more than £100m.
But Revolution said in a statement: "Deltic has not made an offer to acquire the company and has provided no detail as to how any such offer would be financed".
Revolution shares were trading up 12% at 207.26p early Thursday following the news.
Stonegate is itself majority-owned by TDR Capital, the private equity firm.
Backers for the proposal already include Revolution group's largest investor, Artemis Investment Management, which controls 14.77% of its shares, and Castlefield Fund Partners which has a 4.17% stake. The Stonegate proposal provides considerable opportunities for our people and for the business as a whole.
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Deltic added it continued to believe that Stonegate's offer of £2.03 a share "significantly undervalues" the business. In order to become effective, the scheme must be approved by shareholders representing at least 75 per cent of shares in issue. "Stonegate is an experienced operator in this sector that understands Revolution's ethos with its unique premium bar offering". "Our strong reputation and position in the market firmly establishes Stonegate as the natural home for Revolution's brands, and will allow us to enhance further the breadth of offer and occasions we cater for", Stonegate Chairman Ian Payne said.
In response, bar and nightclub operator Deltic Group, which trades under the PRYZM, Bar&Beyond, Steinbeck&Shaw, ATIK, and Fiction brands, said it continues to believe that the offer "significantly undervalues" Revolution Bars Group.
Linklaters has acted for Stonegate in connection with the offer, while Macfarlanes acted for Revolution Bars Group.
Deltic said that despite Revolution saying it did not believe a combination with Deltic was in the best interests of its shareholders, Deltic has nonetheless been granted due diligence access, which it is now undertaking with a view to formalising its possible merger proposal including an analysis of synergies.
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