Deltic in last-orders Revolution Bars bid

The boss of nightclubs giant Deltic was on Tuesday in a “mad scramble” to meet a 5pm deadline to make a final attempt at gatecrashing pubs landlord Stonegate’s £101.5 million takeover of Revolution Bars.

The battle for the 68-venues chain kicked off in August. Deltic wants an all-share merger that would see Revolution own 65% of the combined business and Deltic 35%.

But Revolution’s board has recommended to shareholders a 203p-a-share offer from Slug & Lettuce pubs owner Stonegate.

Deltic chief executive Peter Marks told the Evening Standard that his firm has not ruled out tabling a cash offer ahead of today’s “put up or shut up” deadline.

Marks added: “We are thrashing out whether the price of a cash injection is worthwhile for the Deltic shareholders.”

He said that if no offer is made, he would urge Revolution’s shareholders to reject the Stonegate deal at a vote on October 17: “We have a good business, you have a good business, so don’t sell it cheap.”

Revolution today said it does not believe the current proposal would create shareholder value.

The board added that it “encourages Deltic to make a cash offer”.

Shares in Revolution fell 1p to 210p.