Revolution board confirms new talks with Deltic

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Revolution Bars Group has confirmed that it has re-entered talks with Deltic Group.

The group issued a statement this evening responding to press speculation about a potential transaction with Deltic, and the resulting movement in the company’s share price.

The statement said: “The board confirms that it is in the very preliminary stages of considering a transaction involving a possible acquisition of Deltic. The board also clarifies that it is only in very preliminary dialogue with Deltic regarding such a potential transaction. Furthermore, no agreement (in principle or otherwise) has been reached with Deltic regarding such a transaction, so there can be no certainty as to the terms, timing or structure of any such transaction, nor as to whether any such transaction will occur at all.”

Last October, Deltic proposed a merger with Revolution, which would see the former own 35% of the enlarged group, with the rest owned by Revolution’s shareholders.

The proposal was rejected by Revolution’s board, which favoured a deal with Stonegate Pub Company.

However, later that month Revolution’s shareholders voted against Stonegate’s £101.5m bid for the company.

Both sides were restricted from re-entering talks with Revolution for six months.

In November the Peter Marks-led Deltic announced the purchase of 1,500,000 shares in Revolution Bars, amounting to a 3% stake in the company.

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