The Deltic Group has confirmed that it is not a position to make a cash offer or merger proposal for Revolution Bars Group.
The move leaves the field clear for Stonegate’s £101.5m cash bid for the group, which will be put to shareholders next Tuesday.
In a statement issued minutes before yesterday’s 5pm deadline to make a firm offer, Deltic said that while the creation of an enlarged listed company was still its preferred option it was not possible without the full engagement and agreement of the Revolution board.
However, the group has left the door open to launch another bid if the Stonegate’s bid is rejected or lapses. It also said in yesterday’s statement that if the Revolution shareholder meetings are adjourned or the Stonegate offer price is increased, this could indicate a material change of circumstances.
The announcement by Deltic ends an increasingly acrimonious exchange of statements between the three sides over the past few days.
